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Raiffeisen Bank International AG / Key word(s): Quarter Results
Raiffeisen Bank International AG: Consolidated profit at EUR 442 million with prudent approach to risk costs
04-May-2022 / 07:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
RBI: 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 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
| Income Statement in EUR million |
Q1/2022 |
Q1/2021 |
Q4/2021 |
| Net interest income |
986 |
736 |
976 |
| Net fee and commission income |
683 |
420 |
561 |
| Net trading income and fair value result |
184 |
4 |
24 |
| General administrative expenses |
(792) |
(672) |
(856) |
| Operating result |
1,089 |
543 |
763 |
| Other result |
(102) |
(38) |
(175) |
| Governmental measures and compulsory contributions |
(159) |
(123) |
(32) |
| Impairment losses on financial assets |
(319) |
(76) |
(150) |
| Profit/loss before tax |
508 |
306 |
406 |
| Profit/loss after tax from continuing operations |
440 |
229 |
329 |
| Profit/loss from discontinuing operations |
18 |
14 |
24 |
| Consolidated profit |
442 |
216 |
317 |
| Balance Sheet in EUR million |
31/03/2022 |
31/12/2021 |
|
| Loans to customers |
101,966 |
100,832 |
|
| Deposits from customers |
113,652 |
115,153 |
|
| Total assets |
192,624 |
192,101 |
|
| Total risk-weighted assets (RWA) |
104,017 |
89,928 |
|
| Key ratios |
31/03/2022 |
31/12/2021 |
|
| NPE ratio |
1.6% |
1.6% |
|
| NPE coverage ratio |
61.8% |
62.5% |
|
| CET1 ratio (incl. result) |
12.3%* |
13.1% |
|
| Total capital ratio (incl. result) |
15.9%* |
17.6% |
|
*transitional
*transtiona
| Key ratios |
Q1/2022 |
Q1/2021 |
Q4/2021 |
| Net interest margin (average interest-bearing assets) |
2.21% |
1.92% |
2.22% |
| Cost/income ratio |
42.1% |
55.3% |
52.9% |
| Provisioning ratio (average loans to customers) |
0.97% |
0.36% |
0.55% |
| Consolidated return on equity |
13.2% |
6.5% |
10.1% |
| Earnings per share in EUR |
1.27 |
0.59 |
0.90 |
Due to the planned sale of the Bulgarian subsidiary bank and its participation there has been a change in the statements according to IFRS 5. This business operation is classified as a disposal group held for sale and reported separately in the statement of financial position. The prior year figures have not been adapted. The income statement of the Bulgarian subsidiary bank and its participation is reported under profit/loss from discontinued operations. The prior year 2021 figures have been adapted accordingly in the income statement, as were the key ratios.
Outlook
In 2022, net interest income is expected to increase by high single digit per cent and net fee and commission income by mid-single digit per cent.
We expect stable loan volumes in 2022, with mid-single digit growth in core CE and SEE markets.
We expect high single digit per cent OPEX growth plus an additional approximately EUR 100 million integration cost for acquisitions in Czech Republic (Equa bank) and Serbia (Crédit Agricole Srbija).
Cost/income ratio is expected around 55 %.
The provisioning ratio for 2022 is expected to be up to 100 basis points.
Consolidated return on equity is expected in the 8 to 10 per cent range.
In 2022, we expect the CET1 ratio to recover close to our 13 per cent target.
Medium term return on equity and payout ratio targets are suspended due to current uncertainties in Eastern Europe.
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
04-May-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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