Bawag Group AG (OTCPK:BWAGF)

$ 78.55 1.92 (2.51%) Market Cap: 6.17 Bil Enterprise Value: 20.32 Bil PE Ratio: 8.57 PB Ratio: 1.40 GF Score: 73/100

Q1 2024 BAWAG Group AG Earnings Call Transcript

Apr 29, 2024 / 08:00AM GMT

Release Date Price: $62.34

Transcript

Anas Abuzaakouk

BAWAG Group AG - Chairman of the Managing Board, Chief Executive Officer

I hope everyone is keeping well this morning. I'm joined by Enver, our CFO. But I start with the summary of the first-quarter results on slide 3.

We delivered net profit of EUR167 million, earnings per share of EUR2.11, and a return on tangible common equity of 24% during the first quarter. The operating performance of our business was very strong, with pre-provision profits of EUR258 million and a cost-income ratio of 33%.

Other income of minus EUR9 million related primarily to other operating expenses tied to legal tax and transactional advisory costs on M&A deals, the bulk of these costs will be capitalized when deals are closed. Total risk costs were EUR30 million, translating to a risk cost ratio of 28 basis points. We did not release any credit reserves, with an ECL management overlay of EUR80 million. We have a low NPL ratio of 1% and continue to see solid credit performance across our businesses.

In terms of our balance sheet and capital, average customer loans were flat. And

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