Half Year 2024 BNP Paribas Bank Polska SA Earnings Call Transcript
Key Points
- BNP Paribas Bank Polska SA (WAR:BNP) reported a significant profit increase of PLN623 million in the second quarter, despite the cost of credit holidays.
- The bank's return on equity improved to 18.3%, and would have exceeded 20% without the impact of credit holidays.
- Sustainable financing has seen a second consecutive quarter of growth, nearing PLN10 billion.
- The bank has resumed activity in the mortgage loan market, showing a substantial increase in new mortgage loan production.
- There is a notable increase in customer transactionality, with a 25% year-on-year growth in mobile payments and a 7% quarter-on-quarter improvement in new personal accounts.
- The income of the bank was negatively impacted by the cost of credit holidays, leading to a decline in reported income.
- There was a slight decline in the credit volume in retail banking, attributed to a low level of mortgage loan production.
- The cost-to-income ratio has slightly deteriorated year-on-year due to cost inertia and lower revenue growth dynamics.
- The bank faces legal risks related to Swiss franc loans, with ongoing provisions being made for potential legal challenges.
- There is a need for improvement in customer acquisition and lending activity to capitalize on the growing economy.
Good morning, ladies and gentlemen. Welcome to our results conference. We will be talking about the results of second quarter of 2024.
The agenda of the conference, as usual, we will start with key highlights, which I will be presenting. Then we will go to -- talk about macroeconomic environment presented by Michal Dybula, the Chief Economist of the bank. Financial results, getting into some more details. That will be discussed by Mr. Piotr Konieczny, our CFO. I will mention some outlook. But earlier, we will also talk about credit risk, and that will be presented by Chief Risk Officer, Wojciech Kemblowski.
So let us now go to our presentation. The atmosphere is that of holidays. We only have a few people physically here with us, but I hope that more are listening to this online.
The key highlights. In the second quarter, the bank has managed to get a PLN623 million of profit more than in the previous quarter and more than the year before. We have been able to achieve that level of profit in
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