RBI: Consolidated profit excluding Russia and Belarus remains strong
May 02, 2024 at 01:33 am
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EQS-News: Raiffeisen Bank International AG
/ Key word(s): Quarter Results
RBI: Consolidated profit excluding Russia and Belarus remains strong
02.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
RBI: 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
Income Statement in EUR million
Q1/2024
Q1/2023
Q4/2023
Net interest income
1,455
1,385
1,494
Net fee and commission income
669
966
677
Net trading income and fair value result
17
86
(19)
General administrative expenses
(938)
(950)
(1,034)
Operating result
1,263
1,509
1,128
Other result
(147)
(96)
(317)
Governmental measures and compulsory contributions
(140)
(236)
(24)
Impairment losses on financial assets
(25)
(301)
(142)
Profit/loss before tax
952
877
645
Profit/loss after tax
721
700
304
Consolidated profit
664
657
272
Balance Sheet in EUR million
31/3/2024
31/12/2023
Loans to customers
100,434
99,434
Deposits from customers
120,938
119,353
Total assets
203,398
198,241
Total risk-weighted assets (RWA)
95,601
93,664
Bank-specific information
31/3/2024
31/12/2023
NPE Ratio
1.9%
1.9%
NPE Coverage Ratio
50.1%
51.7%
CET1 ratio transitional (incl. profit)
17.3%
17.3%
Total capital ratio transitional (incl. profit)
21.6%
21.5%
Key ratios
Q1/2024
Q1/2023
Q4/2023
Net interest margin (Ø interest-bearing assets)
2.98%
2.75%
3.06%
Cost/Income Ratio
42.2%
38.2%
47.4%
Provisioning ratio (Ø loans to customers)
0.22%
0.93%
0.61%
Consolidated return on equity
15.0%
15.8%
6.6%
Earnings per share in EUR
1.94
1.92
0.75
Outlook
The following guidance refers to RBI excluding Russia and Belarus. The 2024 guidance for the Group including Russia and Belarus has been suspended in light of the ECB’s requirements to accelerate business reduction in Russia (see ad-hoc release from 18 April 2024).
Outlook 2024
RBI excl. RU/BY
Net interest income in EUR
around 4.0 bn
Net fee and commission income in EUR
around 1.8 bn
Loans to customers (growth)
3 to 4%
General administrative expenses in EUR
around 3.3 bn
Cost/income ratio
around 52%
Impairment losses on financial assets (before use of overlays)
around 50 bps
Consolidated return on equity
around 10%
CET1 ratio
around 14.6%*
*’P/B Zero’ Russia deconsolidation scenario
For further information please contact:
John P. Carlson, CFA
Group Investor Relations
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
ir@rbinternational.com
phone +43-1-71 707-2089
www.rbinternational.com
02.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com
Raiffeisen Bank International AG is a banking group organized primarily around 3 areas:
- retail banking;
- corporate banking;
- market banking.
At the end of 2022, the group managed EUR 125.1 billion in current deposits and EUR 103.2 billion in current credits.
Products and services are marketed through a network of 1,664 branches in Europe.
Net interest income is distributed geographically as follows: Eastern Europe (40.1%), Central Europe (26.5%), Southeastern Europe (18.7%) and other (14.7%).