RBI: Consolidated profit of EUR 1.4 billion in 2021, above pre-pandemic level, driven by economic recovery in core markets

- Net interest income up 7% year-on-year driven by volume growth and higher key rates

- Record net fee and commission income of EUR 1,985 million, up 18%

- Cost/income ratio at 53.5%

- 0.30% provisioning ratio, including stage 1 & 2 provisions for COVID-19 and geopolitics

- Loans to customers up 15%, incl. Bulgarian entity

- Net interest margin stabilized around 2%

- CET1 ratio at 13.1%

- Dividend proposal of EUR 1.15 per share, corresponding to a payout ratio of 28%
 

Due to the planned sale of the Bulgarian subsidiary bank and its participation there has been a change in the statements according to IFRS 5. This business operation is classified as a disposal group held for sale and reported separately in the statement of financial position. The prior year figures have not been adapted. The income statement of the Bulgarian subsidiary bank and its participation is reported under gains/losses from discontinued operations. The prior year 2020 figures have been adapted accordingly in the income statement, as were the key ratios.

The data contained in this release is based on unaudited figures.

Outlook:

2022 Guidance
In 2022, net interest income is expected to increase by high single digit per cent and net fee and commission income by mid-single per cent. We expect loan growth in the range of 7 to 9%.
We expect general administrative expenses to grow in the high single digit percentage area plus an additional approx. EUR 100 million integration cost for acquisitions in the Czech Republic (Equa bank) and Serbia (Crédit Agricole Srbija). The cost/income ratio is expected to be around 55% excluding the one-off integration costs.
The provisioning ratio for 2022 is expected to be around 40 basis points.
Consolidated return on equity is expected to be above our 11% medium-term target, reflecting the gain on the sale of the subsidiary bank in Bulgaria.
We expect a CET1 ratio of around 13% by year end 2022.

Potential geopolitical risks, especially in Eastern Europe, are not included in this guidance.

Mid-term targets
We are committed to a cost/income ratio of around 55% and aim to improve further in the medium term.
We target 11% consolidated return on equity in the medium term.
We confirm our CET1 ratio target of around 13%.
Based on the CET1 ratio target, we intend to distribute between 20 and 50% of consolidated profit.

For further information please contact:

John P. Carlson, CFA
Group Investor Relations
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
[email protected]
phone +43 1 71 707 2089
www.rbinternational.com