First Quarter Report 2022 Consolidated profit at EUR 442 million with prudent approach to risk costs
- Net interest income up 1% quarter-on-quarter, benefiting from higher rates across the region
- Net fee and commission income up 22% quarter-on-quarter, driven primarily by increased customer activity in FX business in Russia
- Net trading income at EUR 184 million, mainly from hedging instruments and own credit spreads relating to certificates business
- Year-to-date provisioning ratio increased significantly to 0.97%, largely driven by macro downgrades and special risk factors due to the war in Ukraine
- Loans grew 1% in the first quarter, new lending in Russia has largely been stopped
- Consolidated profit improved 39% quarter-on-quarter to EUR 442 million
- CET1 ratio at 12.3% (transitional, including year-to-date result), reflecting RWA increases from rating downgrades in Russia, Ukraine, and Belarus
- Outlook has been updated to reflect lower loan growth and higher risk cost assumptions
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