May 15, 2014 / 6:22 AM / 3 years ago

BAWAG PSK boosts Q1 net profit 77 pct

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

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