BAWAG PSK boosts Q1 net profit 77 pct

VIENNA Thu May 15, 2014 2:21am EDT

VIENNA May 15 (Reuters) - Austrian lender BAWAG PSK boosted first-quarter net profit 77 percent to 80 million euros ($109.7 million), driven by higher core revenues and reduced operating expenses, it said on Thursday.

BAWAG, owned by U.S. investor Cerberus Capital Management , is one of six Austrian banks to come under direct supervision of the European Central Bank late this year.

Reiterating its 2014 targets, it said its common equity tier 1 capital ratio stood at 10.6 percent of risk-weighted assets under fully loaded Basel 3 rules according to pro-forma IFRS standards including first-quarter profit.

($1 = 0.7294 Euros) (Reporting by Michael Shields; Editing by Georgina Prodhan)