Raiffeisen Bank International AG (OTCPK:RAIFF) Q3 2024 Earnings Conference Call October 30, 2024 9:00 AM ET
Company Participants
Johann Strobl – Chief Executive Officer
Hannes Mosenbacher – Chief Risk Officer
Conference Call Participants
Gabor Kemeny – Autonomous Research
Lee Street – Citigroup
Benoit Petrarque – Kepler Cheuvreux
Riccardo Rovere – Mediobanca
Joseph Kalwoda – WIL Asset Management
Matt Nimetz – UBS
Operator
Good afternoon ladies and gentlemen and welcome to the Q3 2024 Results Conference Call of 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. Thank you for joining us today for our third quarter results call. For the first 9 months of 2024, we can report consolidated profit, excluding Russia and Belarus, €156 million for an ROE of 8.6%. With decent earnings in the quarter and stable RWAs, the CET1 ratio for the group under worst-case scenario in Russia improved to 15.3%. This is a nice sprint, of course but our guidance for the full year remains in the 14.7% area. I will touch on this in more detail in just a minute.
On Slide 5; loans to customers were pretty much flat in the quarter with some loan growth in our networks and a very quiet third quarter for GC&M. Core revenues are broadly stable with NII decreasing, albeit not as fast as we had expected. And fee income is holding up well despite the very slow lending activity. Operating expenses are up 6% versus the first 9 months of 2023 and the cost/income ratio for the period just under 51%. Before we look at these trends in closer detail, allow me to update you on the progress we are making in Russia. Last
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