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Raiffeisen Bank International AG / Key word(s): 9 Month figures
Raiffeisen Bank International AG: 2022 Outlook updated – strong core revenues across the Group
02-Nov-2022 / 19:11 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
RBI 1-9/2022:
2022 Outlook updated – strong core revenues across the Group
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Excluding Russia and Belarus, net interest income up 38% year-over-year in the first three quarters of 2022 (EUR 2,399 million)
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Net fee and commission income, also excluding Russia and Belarus, up 18% year-over-year (EUR 1,287 million)
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EUR 822 million consolidated profit (11% ROE) excluding Russia and Belarus as well as gain on sale of the Bulgarian units
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Loan growth in Q3/2022 of 1.3%, driven by CE and SEE, flat volumes in Group Corporates & Markets and a reduction in EE
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Risk costs of EUR 160 million booked in Q3/2022, bringing the total year-to-date to EUR 721 million (provisioning ratio of 0.71% year-to-date)
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CET1 ratio at 14.6% (transitional, incl. result), driven by strong consolidated profit and stable RWA in Q3;
earnings from EE subsidiaries cannot be distributed
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Full year 2022 outlook has been updated
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Income Statement in EUR million
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1-9/2022
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1-9/2021
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Q3/2022
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Q2/2022
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Net interest income
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3,591
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2,352
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1,392
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1,214
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Net fee and commission income
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2,682
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1,424
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1,117
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882
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Net trading income and fair value result
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471
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29
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155
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132
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General administrative expenses
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(2,574)
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(2,122)
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(925)
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(857)
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Operating result
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4,275
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1,830
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1,775
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1,412
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Other result
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(225)
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(120)
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(118)
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(6)
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Governmental measures and compulsory contributions
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(285)
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(181)
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(44)
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(82)
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Impairment losses on financial assets
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(721)
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(145)
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(160)
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(242)
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Profit/loss before tax
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3,044
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1,384
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1,453
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1,082
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Profit/loss after tax from continuing operations
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2,455
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1,093
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1,156
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859
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Profit/loss from discontinuing operations
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453
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62
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0
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435
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Consolidated profit
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2,801
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1,055
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1,089
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1,270
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Balance Sheet in EUR million
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30/09/2022
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31/12/2021
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Loans to customers
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109,066
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100,832
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Deposits from customers
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129,786
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115,153
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Total assets
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219,834
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192,101
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Total risk-weighted assets (RWA)
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108,496
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89,928
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Key ratios
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30/09/2022
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31/12/2021
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NPE ratio
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1.5%
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1.6%
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NPE coverage ratio
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61.5%
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62.5%
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CET1 ratio (incl. result)*
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14.6%
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13.1%
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Total capital ratio (incl. result)*
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18.4%
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17.6%
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*transitional
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Key ratios
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1-9/2022
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1-9/2021
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Q3/2022
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Q2/2022
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Net interest margin (average interest-bearing assets)
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2.49%
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1.94%
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2.71%
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2.56%
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Cost/income ratio
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37.6%
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53.7%
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34.3%
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37.8%
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Provisioning ratio (average loans to customers)
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0.71%
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0.21%
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0.43%
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0.76%
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Consolidated return on equity
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27.6%
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11.1%
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31.2%
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37.6%
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Earnings per share in EUR
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8.31
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3.00
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3.24
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3.79
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Outlook/Guidance
The following guidance assumes no changes to the existing footprint. All options relating to Russia and Belarus remain on the table.
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In 2022, net interest income is expected around EUR 4.8 billion and net fee and commission income of around EUR 3.7 billion.
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Excluding Russia and Belarus, net interest income and net fee and commission income are expected around EUR 3.2 billion and EUR 1.7 billion respectively.
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We expect stable loan volumes for Q4/2022, with selected growth still coming from CE and SEE.
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We expect general administrative expenses around EUR 3.5 billion, leading to an expected cost/income ratio of around 40%.
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The provisioning ratio for 2022 is expected to be up to 100 basis points.
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Consolidated return on equity is expected to be around 25% in 2022.
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At year-end 2022, we expect a CET1 ratio above 14%. The Group CET1 target ratio will increase to 13.5% from January 2023, and to 14% by the end of 2023.
Medium term return on equity and payout ratio targets are suspended due to current uncertainties in Eastern Europe.
For more information, please contact:
John P. Carlson, CFA
Group Investor Relations
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
ir@rbinternational.com
phone +43-1-71 707-2089
www.rbinternational.com
02-Nov-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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