Raiffeisen - Sensational quarter, optimistic outlook
RBI presented exceptional results this quarter, beating profit consensus by
60% with growth of 83% q-o-q, head office leading the way, up more than
200% q-o-q on low provisioning (+EUR 20 mln vs. –EUR 53 mln q-o-q) and
strong core business performance. Core performance bouncing back with EUR
65 mln increase in NFC and low single digit growth in NII.
Key positives: Strong growth in CE and GC&M, mostly on lower CoR and
strong NFC. NFC up EUR 64 mln q-o-q, supported by higher turnover and
strong FX business, asset mgmt. flattish as expected. NII up 5% q-o-q with
only EUR 9 mln TLTRO booking (roughly EUR 19 mln left for H2). Provisioning
was below expectation in most segments, NPE still decreasing. ING portfolio
referral stronger than expected. Guidance raised on CoR and loan growth.
Key negatives: EUR 30 mln provisions in Belarus on sanction fears, EUR 77
mln provisions in Poland for CHF loans roughly double that of FY20. Loan
growth still below expectations at 2.4% q-o-q and almost flat y-o-y.
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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