EQS-News

ProCredit group finishes 2023 with a strong business and financial performance; RoE guidance achieved

EQS-News: ProCredit Holding AG / Key word(s): Annual Report/Annual Results ProCredit group finishes 2023 with a strong business and financial performance; RoE guidance achieved 20.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. ProCredit group finishes 2023 with a strong business and financial performance; RoE guidance achieved

 

• Group result of EUR 113.4 million corresponds to RoE of 12.2%
• Operating income up 21% with positive contribution from all regular income drivers
• Cost-income ratio further improved by 4.1 pp to 59.9%
• Loans grow by 1.9%; ProCredit Direct for private clients drives strong 15.3% deposit growth; CET1 ratio comfortable at 14.3%
• New outlook published targeting a RoE of 10%-12% in 2024 and of 13%-14% in the medium-term
• Management Board intends to propose dividend of EUR 0.64 per share (1/3 of consolidated result)

 

Frankfurt am Main, 20 March 2024 - The ProCredit group, which is mainly active in South Eastern and Eastern Europe, recorded a strong financial result of EUR 113.4 million in 2023 that corresponds to a return on equity of 12.2%. Operating income increased by 21% year-on-year due to positive developments in all regular income streams. The cost-income ratio improved by 4.1 percentage points to 59.9%. The cost of risk normalised at a level of 25 basis points after the pronounced impact of the war in Ukraine on loss allowances in the previous year. The moderate 1.9% loan portfolio growth was largely attributable to ongoing portfolio reductions in Ukraine. Deposits showed good growth of EUR 965 million or 15.3% with a strong contribution from the retail segment. On the back of a comfortable CET1 ratio of 14.3%, the Management Board intends to propose a dividend of EUR 0.64 per share to the Annual General Meeting on 4 June 2024.