Raiffeisen Bank 1st Half Net Profit Jumped
August 02 2022 - 2:02AM
Dow Jones News
By Kim Richters
Raiffeisen Bank International AG said late Monday that profit
rose strongly in the first half of the year, helped by the sale of
its Bulgarian business.
The Austrian bank posted a net profit of 1.71 billion euros
($1.75 billion), up from EUR612 million a year earlier, and this
was helped by a EUR453 million gain from the sale of the
subsidiary.
Six-month operating profit rose to EUR2.50 billion from EUR1.16
billion, and net interest income increased to EUR2.20 billion from
EUR1.51 billion, it said.
Raiffeisen is one of the European banks with the most exposure
to Russia, and it said late Monday that "all options relating to
Russia and Belarus remain on the table."
The bank updated its outlook for 2022, which now includes net
interest income of EUR4.3 billion to EUR4.7 billion, and net fee
and commission income of at least EUR2.7 billion. It also expects
consolidated return on equity of least 15%, compared with a prior
8%-10% target, and a CET1 ratio above 13%, compared with close to
13% before.
"Medium-term return on equity and payout ratio targets are
suspended due to current uncertainties in Eastern Europe," it
said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 02, 2022 01:47 ET (05:47 GMT)
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