RBI Reports Steady Profits Excluding Operations in Russia and Belarus for Q1 2024

Raiffeisen Bank International AG (RBI) disclosed a robust consolidated profit of EUR 333 million for the first quarter of 2024, excluding their operations in Russia and Belarus. This figure includes provisions worth EUR 109 million related to CHF mortgages in Poland. Despite excluding two volatile markets, RBI's core revenues saw a 4% decline from the previous quarter, totaling EUR 1,519 million, influenced by lower interest rates and seasonal impacts.

The report further indicates a reduction in provisioning for impairment losses at just EUR 3 million for areas outside Russia and Belarus. The consistent CET1 ratio, standing unchanged at 14.6%, reflects stability in the bank’s core financial health. Meanwhile, the ongoing de-risking in Russia has led to a significant 58% reduction in customer loans since Q2 2022, now amounting to EUR 5.8 billion.

Due to the European Central Bank's directive to hasten business cutbacks in Russia, RBI has paused its financial forecast for the full year including Russian and Belarusian operations. For the rest of 2024, RBI projects excluding these regions, net interest income is expected around EUR 4 billion and net fee and commission income about EUR 1.8 billion.