RAIFFEISEN BANK INTERNATIONAL AG Raiffeisen Bank International
Q1/2024 Results
2 May 2024
Raiffeisen Bank International | Member of RBI Group
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These factors include, without limitation, the following: (i) our ability to compete in the regions in which we operate; (ii) our ability to meet the needs of our customers; (iii) our ability to leverage synergies from acquisitions, cost reduction programs or other projects; (iv) uncertainties associated with general economic conditions particularly in CEE; (v) governmental factors, including the costs of compliance with regulations and the impact of regulatory changes;
- the impact of currency exchange rate and interest rate fluctuations; and (vii) other risks, uncertainties and factors inherent in our business.
2 May 2024
This presentation contains financial and non-financial information and statistical data relating to RBI. Such information and data are presented for illustrative purposes only.
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2
01 Business & Financial Update
02 Risk Update
03 Appendix
2 May 2024
RBI Group
Adjusted:
2 May 2024
Q1/2024 Executive Summary
Consolidated profit | Consolidated RoE | CET1 ratio |
1-3/2024 | 1-3/2024 | 31/03/2024, transitional, incl. results |
EUR 664 mn | 15.0% | 17.3% |
+144% q-o-q | +8 pp q-o-q | +0 pp q-o-q |
Consolidated profit | Consolidated RoE | CET1 ratio | ||
EUR 333 mn | 9.9% | 14.6% | ||
EUR -40 mn in Q4/2023 | ||||
excluding Russia, assuming P/B | ||||
excluding Russia / Belarus | Zero deconsolidation (see p. 12) |
4
Q1/2024 Executive Summary
RBI | Loans to customers |
Group | 31/03/2024 |
EUR 100,434 mn
+1% q-o-q
Adjusted: | Loans to customers |
EUR 93,831 mn | |
excluding Russia | +1% q-o-q |
/ Belarus |
Core revenues
1-3/2024, in EUR mn
1,455
669
-3% | -1% | q-o-q |
Net interest | Net fee & | |
income | commission income |
Core revenues
1,092 427
-3% | -6% q-o-q |
NIINFCI
Opex and Cost/Income Ratio1
1-3/2024
EUR 938 mn | 42.2% |
-9% q-o-q | -5pp |
OpexCIR
EUR 784 mn | 49.2% |
-9% q-o-q | -5pp |
- From 1 January 2024, CIR excluding financial transaction tax (previous periods were adapted)
- May 2024
5
De-risking in Russia
Strategic initiatives update
Acquisition of STRABAG shares remains subject to careful compliance risk assessment
Raiffeisen Russia sale continues to be explored
Significant business reduction since February 2022
No new EUR and USD lending and run-off of existing portfolio Actively steering to reduce deposit volumes
Payments, trade and export finance restrictions with strict country and industry policies, including to neighboring third party countries
Payment volumes capped at pre-war levels and all Russian correspondent banks terminated (excl. Raiffeisenbank Russia)
LCR | 298% | EUR 7.5 bn | Loan/ deposit | 43% |
ratio | ||||
… cushion to | ||||
25/04/2024 | 100% LCR | 31/03/2024 |
RWA | 27.1 | |||||
in Russia | ||||||
under IFRS | 16.3 | -45% | ||||
14.3 | 14.0 | 14.9 | ||||
Loans to | 13.7 | in EUR bn | since peak | |||
in Q2/22 | ||||||
customers | ||||||
9.0 | ||||||
in Russia | 7.1 | 6.0 | 5.8 | -58% | ||
Q2/22 | Q4/22 | Q2/23 | Q4/23 | Q1/24 | ||
Net-crossborder exposure of EUR 35 mn as of 15 April | ||||||
CET1 ratio | 27.37% | EUR 2,109 mn | ||||
local standard actual, | ||||||
after dividend in kind | 31/03/2024, | … above local | ||||
incl. Q1/2024 profit | requirement of 8.00% |
The Group continues to work on a potential transaction, a sale or spin-off, which would result in the deconsolidation of Raiffeisenbank Russia from the Group
2 May 2024 | 6 |
Q1/2024 Core Revenue Trends
Net interest income
in EUR mn | 1,494 | 1,455 | |||||||
1,385 | 1,364 | 1,441 | |||||||
Group | |||||||||
1,123 | -3% | ||||||||
Core | 997 | 1,039 | 1,123 | 1,092 q-o-q | |||||
Excluding | |||||||||
Russia/ Belarus | |||||||||
2023 | 2024 | ||||||||
Q1 | Q2 | Q3 | Q4 | Q1 |
NII excl. Russia and Belarus slightly down in Q1/2024, albeit up 10% y-o-y
NII in CE segment down due to rate cuts in Czechia and Hungary, as well as weaker FX
Net interest margin excluding Russia/Belarus down 7 bps q-o-q to 2.46%
Net fee and commission income
in EUR mn
Group | 966 | 732 | |||||||
667 | 677 | 669 | |||||||
Core | 425 | 427 | -6% | ||||||
Excluding | 429 | 417 | 453 | q-o-q | |||||
Russia/ Belarus | |||||||||
2023 | 2024 | ||||||||
Q1 | Q2 | Q3 | Q4 | Q1 |
2 May 2024
NFCI excl. Russia and Belarus down 6% in Q1/2024 driven by CE (-5%q-o-q) and SEE (-10%q-o-q) due to seasonality
excl. Russia / Belarus | |||||||||
Top 3 - in EUR mn | Q3/23 | Q4/23 | Q1/24 | Q3/23 | Q4/23 | Q1/24 | |||
Clearing, settlement | 255 | 260 | 243 | 180 | 195 | 179 | |||
and payment services | |||||||||
FX business | 209 | 201 | 192 | 103 | 112 | 97 | |||
Loan and guarantee | 53 | 56 | 51 | 47 | 49 | 45 | |||
business | |||||||||
7 |
Loans and Deposits to/from Customers in Q1/2024
Loans to customers
Deposits from customers
in EUR bn | + 1% |
in EUR bn
+ 1%
105.3 | q-o-q | |||||||
Group | 101.8 | 101.9 | 99.4 | 100.4 | ||||
Core | ||||||||
Excluding | 96.9 | 94.3 | 95.0 | 92.8 | 93.8 | |||
Russia/ Belarus | ||||||||
+ | 1% | |||||||
q-o-q | ||||||||
30/03/'23 | 30/06/'23 | 30/09/'23 | 31/12/'23 | 31/03/'24 |
In Core RBI Group, loans up by EUR 1.0 bn, driven by short-term lending in head office
Green shoots, especially in corporate lending, in Czechia (in LCY terms), Slovakia, Serbia, and Croatia
Assets (EUR 203.4 bn +3% q-o-q) | (31/03/2024, in EUR bn, % q-o-q) | ||||
Loans to customers | 100.4 | +1% | Securities | 34.2 | +10% |
Loans to banks | 16.4 | +12% | Cash and other assets | 52.3 | -1% |
2 May 2024 |
q-o-q | ||||||||
Group | 124.8 | 120.6 | 121.2 | 119.4 | 120.9 | |||
Core | ||||||||
Excluding | 102.2 | 103.7 | 103.0 | 104.7 | ||||
Russia/ Belarus | 101.2 | |||||||
+ | 2% | |||||||
q-o-q | ||||||||
30/03/'23 | 30/06/'23 | 30/09/'23 | 31/12/'23 | 31/03/'24 |
Deposit inflows in Czechia (up 6%), Hungary (up 5%), and Romania (up 3%)
Liabilities EUR 203.4 bn +3% q-o-q) | (31/03/2024, in EUR bn, % q-o-q) | ||||
Deposits from customers | 120.9 | +1% | Debt issued and other liab. | 34.1 | +4% |
Deposits from banks | 27.9 | +7% | Equity | 20.4 | +3% |
8 |
High Liquidity Across the Group
RBI Group - Liquidity ratios
LCR | 201% | 189% | 196% | 217% | |
186% | |||||
NSFR | 139% | 140% | 141% | 143% | 143% |
Loan deposit ratio
85% 85% 84% 84%
Q2/'23 | Q3/'23 | Q4/'23 | Q1/'24 | 25/04/2024 |
Key network units - Liquidity ratios
LCR | Share of retail deposits | … of which insured | |
25/04/2024 | Q1/2024 | ||
Czech Republic | 221% | 77% | 72% |
Slovakia | 198% | 68% | 70% |
Hungary | 198% | 54% | 70% |
Romania | 300% | 78% | 82% |
Serbia | 254% | 71% | 56% |
RBI head office: conservative liquidity profile
LCR at 161% (as of 25 April 2024)
Head office with sufficient liquidity to cover all deposits and maturing funding for over one year
In head office, around 46% of HQLA portfolio is cash and central bank deposits
Head office - Liquidity ratios | |||||
165% | 153% | 161% | |||
LCR | 150% | 149% | |||
NSFR | 114% | 118% | 117% | 118% | 119% |
Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | 25/4/2024 |
2 May 2024 | 9 |
CET1 Ratio Development
- 0 bps
q-o-q
17.3% | |||||
17.3% | + | + | |||
- | - | - | |||
- | |||||
+2 bps | -25 bps | -15 bps | -20 bps | +64 bps | -6 bps |
Credit risk | Other credit | Market & | OCI, | Retained earnings | FX |
Core Group | risk | operational risk | valuation & other | ||
effects |
Dividend accrual based on last year's payout ratio (17.3%)
31/12/2023 Benefit from transitional application of IFRS 9 of around 14 bps in Q1/202431/03/2024
Transitional (including results)
2 May 2024 | 10 |
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Raiffeisen Bank International AG published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:13 UTC.
