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    First quarter 2015: RBI posts a consolidated profit of € 83 million

    21.05.2015
     
    • Net interest income decreases 16.2 per cent to € 820 million year-on-year (Q1/2014: € 979 million)
    • Operating income decreases 16.9 per cent to € 1,118 million (Q1/2014: € 1,345 million)
    • General administrative expenses decrease 8.5 per cent to € 691 million (Q1/2014: € 755 million)
    • Net provisioning for impairment losses decreases 7.4 per cent to € 260 million (Q1/2014: € 281 million)
    • Profit before tax decreases 21.9 per cent to € 188 million (Q1/2014: € 240 million)
    • Profit after tax decreases 42.1 per cent to € 100 million (Q1/2014: € 173 million)
    • Consolidated profit decreases 48.1 per cent to € 83 million (Q1/2014: € 161 million)
    • Non-performing loan ratio increases 0.5 percentage points to 11.9 per cent compared to year-end 2014
    • Common equity tier 1 ratio (transitional) decreases 0.4 percentage points to 10.4 per cent compared to year-end 2014
    • Earnings per share decrease 52.4 per cent to € 0.29 (Q1/2014: € 0.60)

    All figures are based on International Financial Reporting Standards (IFRS).

    “In the first quarter, our operative business developed in line with our expectations. The first months of this year, however, were driven by an extraordinary high FX volatility. In particular, the development of Swiss franc, rouble, hryvnia, and US dollar had a strong impact on our results. The significant devaluation of the hryvnia, for instance, had a strong negative effect on our net trading income. The appreciation of rouble, US dollar, and Swiss franc led to a rise in our RWA. At the same time, our tier 1 capital increased significantly due to the strong rouble resulting in an almost stable CET1 ratio. The implementation of our strategy adjustment is on track,” Karl Sevelda, CEO of Raiffeisen Bank International AG (RBI) commented on the first quarter.

    Profit before tax was € 188 million, which represents a year-on-year decline of 22 per cent, or € 52 million.

    Profit after tax fell 42 per cent year-on-year to € 100 million. Consolidated profit stood at € 83 million in the first quarter, which corresponds to a decline of 48 per cent, or € 77 million.

    The average number of shares outstanding in the reporting period totaled 292.4 million (comparable period from the previous year: 268.1 million). This resulted in earnings per share of € 0.29.

    Net interest income decreased 16 per cent

    Operating income declined 17 per cent, or € 227 million, year-on-year to € 1,118 million. This was primarily attributable to valuation losses from strong currency fluctuations (notably in the Russian rouble and Ukrainian hryvnia).

    In the first three months of 2015, net interest income fell 16 per cent, or € 158 million, to € 820 million year-on-year. Aside from being attributable to a reduced net interest margin, this was also due to currency-related declines in interest income in Russia and Ukraine and to loan defaults in Asia. Group head office also recorded a volume-based decline in net interest income.

    General administrative expenses fell 9 per cent

    Compared to the same period last year, general administrative expenses declined € 64 million to € 691 million. The cost/income ratio increased 5.7 percentage points to 61.8 per cent, notably due to the currency effects which reduced net trading income.

    Net provisioning for impairment losses decreased 7 per cent

    Compared to the same period last year, net provisioning for impairment losses fell by a total of 7 per cent, or € 21 million, to € 260 million. This was predominantly due to a € 50 million reduction in individual loan loss provisions to € 220 million, while portfolio-based provisioning increased € 29 million to € 42 million.

    Common equity tier 1 ratio (transitional) of 10.4 per cent

    Based on total risk, the common equity tier 1 ratio (transitional) was 10.4 per cent, with a total capital ratio (transitional) of 15.3 per cent.

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