FX.co ★ Raiffeisen Bank Q1 Consolidated Profit, Net Interest Income Rise

Raiffeisen Bank International AG (RBI), a financial institution based in Austria, has announced a growth in its first-quarter consolidated profit with figures rising to 664 million euros from 657 million euros last year. Also, earnings per share saw an increase from 1.92 euros to 1.94 euros.

The consolidated profit, which excludes earnings from Russia and Belarus but includes a provision of 109 million euros for Swiss Franc mortgages in Poland, was noted at 333 million euros. However, the operating result declined to 1.26 billion euros from 1.51 billion euros the previous year.

The bank saw an improvement in net interest income, escalating to 1.46 billion euros from 1.39 billion euros the previous year, while the net interest margin also took an upward path, reaching 2.98 percent from last year's 2.75 percent. In contrast, the net fee and commission income decreased to 669 million euros from 966 million euros in the prior year.

Projecting ahead for the 2024 fiscal year, Raiffeisen Bank predicts a net interest income (excluding income from Russia and Belarus) of about 4 billion euros, and a net fee and commission income of around 1.8 billion euros.

The bank has suspended its 2024 group guidance inclusive of Russia and Belarus due to the European Central Bank's directive to expedite the reduction of business in Russia.

In the domestic stock market in Vienna, shares of Raiffeisen Bank were up by 0.75 percent, trading at 17.51 euros per share.