After the development in the first half of the year, Raiffeisen Bank International (RBI) sees itself on the road to recovery. CEO Johann Strobl believes “that our core countries can exceed 2019 in the course of 2022 and that this sharp decline caused by Corona will then be caught up and compensated for”.
The bank increased its result in the first six months by 66 percent to 612 million euros. This is largely due to the reduction in risk costs from 312 to 110 million euros.
Operating income fell year-on-year by three percent to 2.641 billion euros. Net interest income fell by 135 million euros to 1.571 billion euros, caused by interest rate cuts in many of the Group’s countries and currency devaluations, particularly in Russia and Ukraine. In contrast, net commission income rose by 93 million to 932 million euros despite currency devaluations in Eastern Europe. This was due to increased transactions in payment transactions and foreign currency transactions after the Corona restrictions in the previous year.
Due to the development in the demand for credit and the risk costs, the RBI is adjusting its outlook: “For the year as a whole we expect credit growth in the mid to upper single-digit percentage range,” said Strobl. The dividend payments should amount to 20 to 50 percent of the group result.
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