Raiffeisen - Strong Results, Disappointing Dividend
Strong results, disappointing dividend
- Raiffeisen released Q4 (and preliminary 2022) results pre-market. Results once again beat consensus on most figures despite negative one-offs, thanks mostly to the continued strength of the Russian subsidiary. Consolidated profit for the quarter came in at EUR 826 mln (up 86% y-o-y), raising FY22 cons. net profit to EUR 3,627 mln (EUR 11 EPS, just below EUR 5 ex-EE). Russia contributed 54% of profits through 2022, although still only on paper as the Bank is still unable to upstream profits from the subsidiary. Still, we highlight the strong results ex-EE, slightly muted by (seasonally) higher costs. In short, a promising set of results going into 2023. On the flipside, proposed dividend at EUR 0.8 is more than disappointing after a record year and postponed 2021 dividend, which we see as the main reason for a negative reaction in the shares, apart from the relatively conservative 2023 guidance.
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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