The following is a summary of the BAWAG Group AG (BWAGF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BAWAG Group AG reported a Q1 net profit of €167 million, earnings per share of €2.11, and a return on tangible common equity of 24%.

• BAWAG demonstrated strong operating performance with pre-provision profits of €258 million and a cost-income ratio of 33%.

• There were total risk costs of €30 million, translating into a risk cost ratio of 28 basis points.

• Average customer loans were flat, and average customer deposits were up by 1% quarter-over-quarter.

• CET1 ratio improved to 15.6% from 90 basis points year-over-year, after adjusting for the first quarter's dividend accrual of €92 million.

Business Progress:

• BAWAG Group has earmarked its excess capital for the acquisition of Knab Bank, among other strategic M&A opportunities.

• The company is focusing on expanding its retail and SME franchise in the DACH/NL region, seeking to increase its customer business in this region to 80%-90%.

• There has been significant M&A integration planning in the first four months of this year.

• The group achieved successful refinancing of the U.S. CRE portfolio and expects the Knab deal will close in Q4 pending regulatory approval.

• To invigorate customer interest, the group launched new treasury savings for Bundesschatz.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.