BAWAG Group AG (OTCPK:BWAGF) Q4 2024 Results Conference Call March 4, 2025 4:00 AM ET
Company Participants
Anas Abuzaakouk – Chief Executive Officer
David O’Leary – Chief Risk Officer
Enver Sirucic – Chief Financial Officer
Conference Call Participants
Borja Ramirez – Citi
Jovan Sikimic – ODDO BHF
Gabor Kemeny – Bernstein
Anas Abuzaakouk
Good morning, everyone. I hope everyone is keeping well. I’m joined this morning by Enver, our CFO; as well as David, our CRO. As a reminder, we have our Investor Day presentation scheduled for this afternoon at 2:00 p.m. GMT. We plan to release the presentation around noon GMT and hope you will join us for the event. We have a lot to cover this morning, so let’s jump right into it with a summary of full year 2024 results on Slide 3.
For the full year 2024, we delivered record net profit of €760 million, earnings per share of €9.60 and a return on tangible common equity of 26%. The underlying operating performance of our business was very strong with pre-provision profits of €1.083 billion, up 4% versus prior year and a cost-income ratio of 33%. Total risk costs were €82 million with a low NPL ratio of 80 basis points, down 20 basis points versus prior year. Given the solid asset quality and reducing NPL volume, we released our management overlay with a positive one-off, €35 million pretax contribution. The fourth quarter was strong with a net profit of €240 million and a return on tangible common equity of 32%, which benefited from the one-off management overlay release as well as 2 months of contribution from Knab.
We delivered on all 2024 targets with profit before tax greater than €950 million and RoTCE greater than 20% and a cost-income ratio under 34%. We also distributed €393 million in dividends
