Raiffeisen - Another Quarter, Another Beat
Another quarter, another beat
- Raiffeisen released third quarter results pre-market. Results continue to beat estimates and historical comparisons due to ever-improving Russia results mostly on strong EURRUB and fees. Consolidated net profit came in at EUR 1,109 mln (up 35% q-o-q ex. BG sale), of which around 68% from Russia. Notably though, CE segments (ex. Poland) also recorded all time high profits, up 60% q-o-q on strong NII, no negative one-offs in HU, net risk cost release in CZ. Core countries (ex. EE) recorded better-than-expected loan growth as well, a significant positive in our view. Currently, the Bank recorded EUR 8.3 headline EPS y-t-d, o/w EUR 4 ex. EE. All in, a very strong quarter and especially on encouraging performance outside EE.
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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