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EQS-News: Raiffeisen Bank International AG
/ Key word(s): Half Year Results
RBI: Semi-Annual Financial Report 2024 - Stable performance in the core business
30.07.2024 / 07:28 CET/CEST
The issuer is solely responsible for the content of this announcement.
Stable performance in the core business
- H1/2024 consolidated profit of EUR 604 million, excluding Russia and Belarus and including
EUR 391 million provisions for CHF and EUR mortgage loans in Poland
- Core revenues excluding Russia and Belarus stable at EUR 1,523 million quarter-over-quarter, slight margin-driven decrease in net interest income compensated by improved net fee and commission income
- Uptick in provisioning for impairment losses in Q2/2024 to EUR 78 million for the Group excluding Russia and Belarus
- CET1 ratio excluding Russia stable at 14.7% (Group CET1 ratio at 17.8%)
- Russia: Significant de-risking accelerates – customer loans down almost 60% since peak in Q2/2022 to EUR 5.8 billion, broad restrictions on payments out of Russia as well as measures taken to further reduce customer deposits
- ROE guidance for 2024 confirmed at 10%, excluding Russia and Belarus
| Income Statement in EUR million |
1-6/2024 |
1-6/2023 |
Q2/2024 |
Q1/2024 |
| Net interest income |
2,895 |
2,749 |
1,440 |
1,455 |
| Net fee and commission income |
1,391 |
1,698 |
722 |
669 |
| Net trading income and fair value result |
59 |
116 |
42 |
17 |
| General administrative expenses |
(1,924) |
(1,995) |
(986) |
(938) |
| Operating result |
2,535 |
2,661 |
1,271 |
1,263 |
| Other result |
(407) |
(450) |
(260) |
(147) |
| Governmental measures and compulsory contributions |
(161) |
(237) |
(21) |
(140) |
| Impairment losses on financial assets |
(48) |
(259) |
(23) |
(25) |
| Profit/loss before tax |
1,919 |
1,715 |
967 |
952 |
| Profit/loss after tax |
1,436 |
1,327 |
715 |
721 |
| Consolidated profit |
1,324 |
1,235 |
661 |
664 |
| Financial statement in EUR million |
30/6/2024 |
31/12/2023 |
| Loans to customers |
101,920 |
99,434 |
| Deposits from customers |
125,333 |
119,353 |
| Total assets |
209,963 |
198,241 |
| Total risk-weighted assets (RWA) |
98,453 |
93,664 |
| Bank-specific information |
30/6/2024 |
31/12/2023 |
| NPE Ratio |
1.8% |
1.9% |
| NPE Coverage Ratio |
53.3% |
51.7% |
| CET1 ratio transitional (incl. profit) |
17.8% |
17.3% |
| Total capital ratio transitional (incl. profit) |
21.9% |
21.5% |
| Key ratios |
1-6/2024 |
1-6/2023 |
Q2/2024 |
Q1/2024 |
| Net interest margin (Ø interest-bearing assets) |
2.94% |
2.74% |
2.92% |
2.98% |
| Cost/Income Ratio |
42.7% |
42.4% |
43.2% |
42.2% |
| Provisioning ratio (Ø loans to customers) |
0.25% |
0.37% |
0.27% |
0.22% |
| Consolidated return on equity |
15.0% |
14.9% |
15.1% |
15.0% |
| Earnings per share in EUR |
3.87 |
3.59 |
1.93 |
1.94 |
Outlook
The following guidance refers to RBI excluding Russia and Belarus. The 2024 guidance for RBI including Russia and Belarus has been suspended in light of the accelerated business reduction in Russia.
| Outlook 2024 |
RBI excl. RU/BY |
| Net interest income in EUR |
around 4.1 bn |
| Net fee and commission income in EUR |
around 1.8 bn |
| Loans to customers (growth) |
4 to 5% |
| General administrative expenses in EUR |
around 3.3 bn |
| Cost/income ratio |
around 52% |
| Provisioning ratio (before use of overlays) |
around 35 bps |
| Consolidated return on equity |
around 10% |
| CET1 ratio |
around 14.7%* |
| *’P/B Zero’ Russia deconsolidation scenario |
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For further information please contact:
John P. Carlson, CFA
Head of Group Investor Relations
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
phone 89
30.07.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
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