Q3 2024 Alior Bank SA Earnings Call Transcript
Key Points
- Alior Bank SA (WAR:ALR) reported a net profit of PLN 666 million for Q3 2024, contributing to an accumulated net profit of PLN 1.83 billion for the first three quarters.
- The bank's Tier 1 ratio stands at a solid 16.78%, and the Total Capital Ratio (TCR) is 17.11%, indicating a strong capital position.
- The number of mobile app users increased by nearly 20% year-on-year, reaching 1.24 million, reflecting successful digital engagement.
- Alior Bank SA (WAR:ALR) achieved a significant reduction in the cost of risk, which decreased to 72 basis points.
- The bank's net interest margin improved to 6.32%, showing a 16 basis point increase year-on-year.
- The mortgage loan sales in Q3 2024 were lower compared to Q3 2023, attributed to the end of sales under a specific program.
- Cash loan sales decreased by 3% quarter-on-quarter, reflecting a conservative approach in pricing and risk management.
- The bank's NPL level slightly increased to 7.11% due to reclassification of a major client to stage three default.
- Operating costs are expected to rise in Q4 2024 due to increased marketing expenses and personnel costs.
- The number of court cases related to free loans is growing, posing potential legal and financial challenges.
The Director of Communications at Alio Bank welcome to today's results conference in which our board will summarize the results of Q3 2024. And as usual, the trends and results will be discussed by ZdzisÃ…aw Wojtera Chief Executive Officer and Vice President and Tomaz Miklas, Vice President of the board. In the second part of the meeting, right after the presentations, we will move on traditionally to our before I give the floor to let me invite everybody who is watching and listening to us to ask questions during the first part of our conference.
Thank you ZdzisÃ…aw and over to you.
Hello, Ladies and gentlemen. Thank you, Dominic.
I will have the pleasure to present the results for Q3 and we will start by net profit which amounted to PLN666 million as lot this is possibly the highest profit reported accumulated net profit for three quarters amounts to 1 billion and PLN830 million which are very good results and we are
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