Raiffeisenbank International (RBI) provided strong numbers for the third quarter tonight and revised expectations. Consolidated profit after nine months of the year was 2.8 billion euros, in the same period last year it was just over 1 billion euros. Today, the bank announced that if the business in Russia and Belarus and the proceeds from the sale of the Bulgarian business are deducted, then a profit of 811 million euros will remain.
At €3.6 billion, net interest income for the first three quarters was from half the same period a year earlier and is expected to rise to €4.8 billion for the full year. Thus expectations increased slightly. Net commission income doubled to 2.68 billion euros, and the Reserve Bank of India now forecasts 3.7 billion euros for the full year. Three months ago, 2.7 billion euros were expected here.
CEO Johann Strobel noted in a press release that Raiffeisenbank in Russia has cut its lending volume by a quarter. “We are constantly continuing our extensive work on evaluating strategic options for the future of Raiffeisen Bank of Russia, including a carefully managed exit from Russia,” says Strobel. Excluding Russia and Belarus, net interest income for the first nine months was €2.4 billion and net commission income was €1.28 billion.
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