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4▼卜 HSBC Global Research Austrian banks How hot are mortgages? Equities Commercial Banks Austria Johannes Tnormann*AnalystHSBC Trmkaus Bortchardt AG johanncs-thorniann? hsbc.de ?49 211 910 3017One question for Austrian banks* mortgage books centres on the increased risk posed by the steep rise in house prices Johannes Tnormann* Analyst HSBC Trmkaus Bortchardt AG johanncs-thorniann? hsbc.de ?49 211 910 3017 ? Ewb/M by a acna* t^HSSC Secunres |USAI 1%. a仍心no! fegerfgkW pmua^ Io FfNMFurthermore, we look at the cost of risk trends and capital situation of the Austrian banks ? Ewb/M by a acna* t^HSSC Secunres |USAI 1%. a仍心 no! fegerfgkW pmua^ Io FfNM We maintain Buy ratings and raise TPs for Bawag to EUR67, for Erste to EUR46 and for RBI to EUR26. Prefer Erste Looking at the Austrian banks under our coverage, Q2 results have reaffirmed or even strengthened our positive view on the stocks driven by good operating performance backed by much lower than expected cost of risk Nevertheless, we took at the potential risks from the Austrian mortgage book due to rising house prices m Austria as well as sliding mortgage margins, albeit product proiitat^lity remains high. Furthermore, we analyse the cost of risk trends of Austrian banks through the COVID- 19 pandemic crisis. Finally, we look the capital situations of the Austrian banks and see three well capitalised banks that should bG able to pay good dividends m the future. Austrian banks* capital situation has improved over the last decade to become in our view one of the strongest m the European banking industry. BAWAG has a solid and defensive business model and due to its high profitability, we estimate it should be able to generate higher capital returns than other Eurozone banks. The high dividend payment of EUR4.72 in 04 21 ts a tirst proof point. Furthermore, the recent acquisition of Hello bank! Austria should jump start fee income growth. We raise our TP to EUR67 (from EUR57) and reiterate our Buy rating. Erste shoul