Q1 2024 BAWAG Group AG Earnings Call Transcript
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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