Raiffeisen - Strong underlying slightly held back by one-offs
RBI reported net profit of EUR 329 mln, EUR 48 mln above consensus, while
FY21 bottomline shown record EUR 1,372 mln, beating previous peak by EUR
120 mln. Strong year-end was supported by continuing improvement in core
business and rate hikes’ effect, slightly held back by increased provisioning on
RU-UA tensions and PL.
Key positives: (1) 4 ppts and 15 ppts y-o-y growth in lending q-o-q with Bulgaria
added back; (2) ex-TLTRO NIM now 2.08%, first 2%+ figure since 20Q2 (EUR
61 mln TLTRO benefit booked in Q4, o/w EUR 41 mln for 2022-24); (3) NFC
income showing no sign of slowing, third quarter of consecutive record figures,
now at EUR 561 mln; (4) portfolio quality improving with non-performing down
in all segments, NPE coverage up q-o-q slightly by 30bps to 62.5%; (5) higherthan-expected risk costing included some EUR 100 mln that could be
considered one-off, EUR 46 mln for sanction risk and EUR 67 mln post-model
adjustments may see releases in coming quarters on macro backdrop.
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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