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First Quarter Report 2024

Consolidated profit excluding Russia and Belarus remains strong

  • Consolidated profit of EUR 333 million, excluding Russia and Belarus and including EUR 109 million provisions for CHF mortgages in Poland
  • Core revenues excluding Russia and Belarus down 4% quarter-over-quarter to EUR 1,519 million, mainly driven by lower interest rates and seasonal effects
  • Lower provisioning for impairment losses: EUR 3 million for the Group excluding Russia and Belarus
  • CET1 ratio excluding Russia unchanged at 14.6% (Group CET1 ratio at 17.3%)
  •  Customer loans in Russia down 58% since peak in Q2/2022 to EUR 5.8 billion as part of de-risking approach to Russia
  • The 2024 guidance for the Group including Russia and Belarus has been suspended in light of the ECB’s requirement to accelerate business reduction in Russia

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