The listed Raiffeisen Bank International (RBI) started the new year with an increase in profits. Net income through March was €442 million, up from €317 million in the fourth quarter of 2021 and double the €216 million in early 2021. The rise in consolidated earnings was driven by growth in net interest income, net commission income and trading income.
On the other hand, risk provisions quadrupled to EUR 319 million, almost all of which related to Eastern Europe. Administrative expenses increased year-on-year, partly due to the integration of the Czech Equa bank. At EUR 1.089 billion, the operating result was significantly higher than in the previous quarter (EUR 763 million) and the start of 2021 (EUR 543 million).
With regard to Russia, the quarterly report from Tuesday states that all strategic options for the future of Raiffeisenbank Russia, including a carefully managed exit from this subsidiary bank, are currently being examined.
RBI has adjusted the outlook for 2022 due to lower credit growth and higher risk costs. A stable credit volume with growth in the mid-single-digit percentage range is now expected. Net interest income is likely to increase in the upper single-digit percentage range and net commission income in the mid-single digits.