RAIFF - Raiffeisen Bank International AG (RAIFF) Q1 2024 Earnings Call Transcript
2024-05-04 07:40:09 ET
Raiffeisen Bank International AG (RAIFF)
Q1 2024 Earnings Conference Call
May 02, 2024 08:00 AM ET
Company Participants
Johann Strobl - Chief Executive Officer
Hannes Mosenbacher - Chief Risk Officer
Conference Call Participants
Gabor Kemeny - Autonomous Research
Benoit Petrarque - Kepler Cheuvreux
Riccardo Rovere - Mediobanca
Johannes Thormann - HSBC
Ibrahim Saeed - JPMorgan
Matt Nimetz - UBS
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to the First Quarter 2024 Results Conference Call of the Raiffeisen Bank International. Today’s conference is being recorded.
At this time, I would like to turn the conference over to Mr. Johann Strobl, Chief Executive Officer. Please go ahead, sir.
Johann Strobl
Thank you very much. Good afternoon, ladies and gentlemen, and welcome to RBI’s Q1 update call. Allow me to begin with a brief overview of our financial results.
Consolidated profit in the quarter was EUR664 million and more importantly EUR333 million excluding the contributions from Russia and Belarus. Topline trends are relatively stable despite modest growth and of course supported by very low risk costs and lower resolution fund contributions. Return on equity comes in at 15% for the Group and just around 10% when excluding Russia and Belarus. Finally, the CET1 ratio is stable in the quarter, both for the consolidated group and for the perimeter, excluding Russia and Belarus.
Moving to my next slide. Loan growth is around 1%, primarily from short-dated business in Vienna. In our core customer business we saw decent new lending in retail unsecured, while mortgages and corporate lending trends were otherwise pretty tame.
NII was down a bit in the quarter, mainly in Central Europe where Hungary and Czech Republic feel the impact from rate cuts and to a lesser extent weaker FX rates versus Europe. These are down on the quarter as we usually see in the first quarter of the year, but otherwise stable year-on-year. OpEx are better with the seasonality here of course being positive, but up nearly 10% versus Q1 last year, which also leads to an increase year-on-year of the cost income ratio to around 49%....
Raiffeisen Bank International AG (RAIFF) Q1 2024 Earnings Call Transcript