Raiffeisen beats consensus on lower costs and impairments
Key message: Raiffeisen beat market consensus on ex-Russia profit, delivering EUR416m versus EUR 325m consensus, driven mainly by lower operating costs, lower
Polish FX-related expenses, and lower loan-loss impairments, partly offset by
significantly weaker other operating income. The lower cost base and reduced
impairments point to efficiency improvements and a healthier-than-expected credit
environment, reflected in low default levels. Raiffeisen proposed a EUR 1.60 dividend,
slightly above consensus on the back of stronger results, with the payout ratio
remaining in line. 2026 guidance is broadly in line with market expectations.
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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