BAWAG Group AG (OTCPK:BWAGF) Q3 2024 Earnings Call October 28, 2024 5:00 AM ET
Company Participants
Anas Abuzaakouk – Chief Executive Officer
Enver Sirucic – Chief Financial Officer
Conference Call Participants
Noemi Peruch – Mediobanca
Mehmet Sevim – JPMorgan
Mate Nemes – UBS
Gabor Kemeny – Autonomous Research
Johannes Thormann – HSBC
Jeremy Sigee – BNP Paribas
Tobias Lukesch – Kepler Cheuvreux
Hugo Cruz – KBW
Chris Hallam – Goldman Sachs
Jovan Sikimic – RBI
Operator
Good day and thank you for standing by. Welcome to the BAWAG Group Q3 2024 Results Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Anas Abuzaakouk, CEO. Please go ahead.
Anas Abuzaakouk
Thank you, operator. I hope everyone is doing well this morning. I’m joined by Enver, our CFO. Before we jump into 3Q results, I’m happy to announce that we received ECB approval for the acquisition of Knab in the Netherlands last Friday. We’re excited about welcoming the team, rolling out the integration plans and pursuing the many opportunities ahead of us.
As for third quarter results, let’s start on Slide 3. We delivered net profit of €178 million, EPS of €2.25 and a return on tangible common equity of 24% during the third quarter. Tangible book value per share was €38.48, up by 16% versus prior year and up 3% versus prior quarter.
The operating performance of our business was very strong with pre-provision profits of €265 million and a cost to income ratio of 32%. Total risk costs were €25 million, translating into a risk cost ratio of 25 basis points. We utilized €10 million of our management overlay with the remaining ECL management overlay of €70 million. We have a very low NPL ratio of 1% and continue to see solid
