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Raiffeisen Bank International AG / Key word(s): Half Year Results
Raiffeisen Bank International AG: Semi-Annual Financial Report 2022 Consolidated profit of EUR 1,712 million, including gain on the sale of Raiffeisenbank (Bulgaria)
01-Aug-2022 / 19:58 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: Semi-Annual Financial Report 2022
Consolidated profit of EUR 1,712 million, including gain on the sale of Raiffeisenbank (Bulgaria)
- Net interest income up 23% quarter-on-quarter, due to higher rates in CE and SEE as well as EURRUB appreciation
- Net fee and commission income up 29% quarter-on-quarter, in particular on the back of continued strong customer activity and FX business in Russia
- Provisioning ratio increased significantly to 0.86% year-to-date, largely driven by the buildup of overlays and macro downgrades
- Loans grew 7% year-to-date, supported by focus CE and SEE markets
- Consolidated profit of EUR 1,712 million year-to-date, including net gain of EUR 453 million on the sale of the Bulgarian unit
- CET1 ratio at 13.4% (transitional, including year-to-date result), including 75 bps from the sale of the Bulgarian unit, and despite RWA inflation and higher risk costs in Eastern Europe
- Outlook has been updated
| Income Statement in EUR million |
1-6/2022 |
1-6/2021 |
Q2/2022 |
Q1/2022 |
| Net interest income |
2,199 |
1,509 |
1,214 |
986 |
| Net fee and commission income |
1,565 |
903 |
882 |
683 |
| Net trading income and fair value result |
316 |
32 |
132 |
184 |
| General administrative expenses |
(1,649) |
(1,386) |
(857) |
(792) |
| Operating result |
2,500 |
1,163 |
1,412 |
1,089 |
| Other result |
(108) |
(74) |
(6) |
(102) |
| Governmental measures and compulsory contributions |
(241) |
(155) |
(82) |
(159) |
| Impairment losses on financial assets |
(561) |
(100) |
(242) |
(319) |
| Profit/loss before tax |
1,590 |
834 |
1,082 |
508 |
| Profit/loss after tax from continuing operations |
1,299 |
641 |
859 |
440 |
| Profit/loss from discontinuing operations |
453 |
33 |
435 |
18 |
| Consolidated profit |
1,712 |
612 |
1,270 |
442 |
| Balance Sheet in EUR million |
30/06/2022 |
31/12/2021 |
|
| Loans to customers |
107,700 |
100,832 |
|
| Deposits from customers |
131,283 |
115,153 |
|
| Total assets |
214,200 |
192,101 |
|
| Total risk-weighted assets (RWA) |
109,025 |
89,928 |
|
| Key ratios |
30/06/2022 |
31/12/2021 |
|
| NPE ratio |
1.6% |
1.6% |
|
| NPE coverage ratio |
60.7% |
62.5% |
|
| CET1 ratio (incl. result)* |
13.4% |
13.1% |
|
| Total capital ratio (incl. result)* |
16.7% |
17.6% |
|
*transitional, subject to ECB approval of the regulatory deconsolidation of the Bulgarian unit
| Key ratios |
1-6/2022 |
1-6/2021 |
Q2/2022 |
Q1/2022 |
| Net interest margin (average interest-bearing assets) |
2.37% |
1.91% |
2.56% |
2.21% |
| Cost/income ratio |
39.7% |
54.4% |
37.8% |
42.1% |
| Provisioning ratio (average loans to customers) |
0.86% |
0.22% |
0.76% |
0.97% |
| Consolidated return on equity |
25.5% |
9.6% |
37.6% |
13.2% |
| Earnings per share in EUR |
5.07 |
1.72 |
3.79 |
1.27 |
Outlook/2022 Guidance
The following guidance assumes no changes to the existing footprint. All options relating to Russia and Belarus remain on the table.
In 2022, net interest income is expected in a range of EUR 4.3 to EUR 4.7 billion and net fee and commission income of at least EUR 2.7 billion.
Excluding Russia and Belarus, net interest income and net fee and commission income are expected to improve by around 20 and 10 per cent, respectively in 2022.
We expect stable loan volumes for the second half of 2022, with selected growth still coming from Central and Southeastern Europe.
We expect OPEX in the range of EUR 3.3 to EUR 3.5 billion, including M&A integration costs, leading to an expected cost/income ratio of around 45 per cent.
The provisioning ratio for 2022 is expected to be up to 100 basis points.
Consolidated return on equity is expected to be at least 15 per cent in 2022.
In 2022, we expect the CET1 ratio to remain above our 13 per cent target.
Medium term return on equity and payout ratio targets are suspended due to current uncertainties in Eastern Europe.
For more 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
01-Aug-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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