Raiffeisen Bank Raises 2022 Outlook After Strong Rise in Nine-Month Profit
November 03 2022 - 4:14AM
Dow Jones News
By Ed Frankl
Raiffeisen Bank International AG raised its full-year guidance
late Wednesday after bumper income in its first nine months,
benefiting from higher interest rates.
The Austrian bank, one of the few Western lenders still with a
significant presence in Russia, raised its outlook for net interest
income to around 4.8 billion euros ($4.71 billion) and net fee and
commission income to about EUR3.7 billion.
Raiffeisen previously targeted between EUR4.3 billion and EUR4.7
billion for net interest income and fee income of more than EUR2.7
billion.
The guidance upgrade came after the bank reported net profit in
the nine months to the end of September of EUR2.80 billion, well up
on the EUR1.06 billion in the same period last year.
Net interest income rose 53% to EUR3.59 billion, the bank said.
Excluding Russia and Belarus, it also rose 38%.
The Vienna-based bank said it expects stable loan volumes in the
fourth quarter of 2022, with continued selective growth in central
and southeastern Europe.
However, it said medium-term targets for return on equity and
its payout ratio are suspended due to the current uncertainties in
eastern Europe.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 03, 2022 03:59 ET (07:59 GMT)
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