Raiffeisen 1Q18: Strong Contribution From Lower Risk Cost Led to Boost in Net Income
No-moat Raiffeisen Bank posted an 81% increase in its first-quarter 2018 net income, mainly driven by net release of loan losses amounting to EUR 83 million versus an impairment charge of EUR 82 million in first-quarter 2017. Raiffeisen management guides to normalisation of loan-loss provisions in coming quarters and guides total charges to be similar to 2017 levels of EUR 287 million. Although our current estimate is higher than 2017 levels, which creates upside risk to our net income expectati...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
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