Lower provisioning boosts earnings in Q4
RBI reported net profit of EUR 230 mln, EUR 66 mln above estimates and a flattish result QoQ. Better headline profit came from significantly lower provisioning, income lines were mostly in-line with consensus. RBI has made a consolidated profit of EUR 804 mln in FY20, 9% above consensus. Consolidated ROE down to 6.4%, a decrease of 450 bps YoY.
Net interest income only slightly declined QoQ to EUR 76 mln. NIM also remained flattish, small decrease on FX effect. FY20 NII of EUR 3241 mln shows 5% decrease YoY, mostly driven by rate cuts and FX, volumes remained flattish.
Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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