August 20, 2014 / 6:06 AM / 3 years ago

BAWAG PSK nearly doubles Q2 net profit

VIENNA, Aug 20 (Reuters) - Austrian lender BAWAG PSK accelerated profit growth in the second quarter and more strong results ahead as it boosts revenue and keeps a tight hold on costs.

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 in November. It has dismissed as speculation talk that Cerberus could soon exit.

Its second-quarter net profit nearly doubled to 95.1 million euros ($127 million), BAWAG said on Wednesday, bringing first-half net profit to 175 million euros, up 87 percent despite tough market conditions. (Reporting by Michael Shields; Editing by Georgina Prodhan)

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