BAWAG Group publishes Q1 2024 results
Net profit € 167 million and RoTCE 23.7%
- Q1 ’24 net profit of € 167 million, EPS of € 2.11 and RoTCE of 23.7%
- Average customer deposits +1% and average customer loans flat versus prior quarter
- Pre-provision profit of € 258 million (+4% vPY) and CIR at 32.9%
- Risk-cost ratio of 28 basis points … NPL ratio at 1.0%
- CET1 ratio of 15.6% post-deduction of dividend accrual of € 92 million for Q1 ‘24
- Targets for 2024 reconfirmed: Profit before tax > € 920 million, RoTCE >20%, and CIR < 34%
Today, BAWAG Group released its results for the first quarter 2024, reporting a net profit of € 167 million, earnings per share of € 2.11, and a RoTCE of 23.7%. The operating performance of our business was strong with pre-provision profits of € 257.6 million and a cost-income ratio of 32.9%.
Anas Abuzaakouk, CEO, commented: “In the first quarter we delivered a strong set of results with net profit of € 167 million and an RoTCE of 24%. We generated a significant amount of capital during the quarter, increasing our CET1 ratio by 90 basis points to 15.6% and continuing to build up our excess capital of € 623 million, after deducting the first quarter dividend accrual of € 92 million. We have earmarked our excess capital for the acquisition of Knab bank, which we signed earlier this year, in addition to other M&A at an advanced stage. These strategic opportunities will be highly accretive to the Group in both earnings as well as allowing us to grow our Retail & SME franchise and overall footprint in the DACH/NL region. Today, I am more excited about our future growth opportunities than I have ever been.”
Delivering strong Q1 2024 results
in € million | Q1 2024 | Q1 2023 |
Change versus prior year (in %) |
Core revenues | 392.8 | 366.3 | 7% |
Net interest income | 311.8 | 290.0 | 8% |
Net commission income | 81.0 | 76.2 | 6% |
Operating income | 383.8 | 366.9 | 5% |
Operating expenses | (126.2) | (119.4) | 6% |
Pre-provision profit | 257.6 | 247.5 | 4% |
Regulatory charges | (5.2) | (41.0) | (87%) |
Risk costs | (29.9) | (20.6) | 45% |
Profit before tax | 222.8 | 186.4 | 20% |
Net profit | 166.9 | 139.6 | 20% |
RoTCE | 23.7% | 21.2% | 2.5pts |
CIR | 32.9% | 32.5% | 0.4pts |
Earnings per share (€) | 2.11 | 1.69 | 24.9% |
Liquidity Coverage Ratio (LCR) | 217% | 215% | 2pts |
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Core revenues increased by 7% to € 392.8 million in Q1 2024 versus the prior year. Net interest income increased by € 21.8 million, or 8%, to € 311.8 million. Net fee and commission income increased by