Raiffeisen Bank International (RBI) Q1 2025 earnings summary

Executive summary

• Consolidated profit reached EUR 705 million in Q1 2025, up 6.3% year-over-year and 6% quarter-over-quarter; profit excluding Russia was EUR 260 million, up 104% quarter-over-quarter.

• Return on equity was 15.0% for the group and 7.3% excluding Russia, both showing strong improvements.

• Net interest income increased 5.3% to EUR 1,504 million, with fee income up 4.4% to EUR 668 million.

• Ongoing derisking and reduction of Russian exposure, with a 4% loan book reduction and 9% deposit drop in Russia.

• Rasperia court case resulted in EUR 1.9 billion withdrawn from Russian subsidiary accounts; enforcement actions ongoing.

Financial highlights

• CET1 ratio (transitional, including results) at 18.8%; excluding Russia, CET1 ratio was 15.9%.

• Net interest margin improved to 3.06%; cost/income ratio increased to 43.3% (55.0% excluding Russia).

• NPE ratio decreased to 1.9%, with coverage at 48.4%.

• Loans to customers grew 1% quarter-over-quarter to EUR 100.98 billion; deposits up 2% to EUR 120.0 billion.

• Overlays stock at EUR 565 million (excluding Russia: EUR 451 million).

Outlook and guidance

• 2025 guidance (excluding Russia): net interest income ~EUR 4.15 billion, fee income ~EUR 1.95 billion, OPEX ~EUR 3.45 billion, cost/income ratio ~52.5%.

• CET1 ratio guidance at 15.2% for year-end 2025 under Russia deconsolidation scenario.

• Risk cost guidance maintained at up to 50 basis points amid macro and geopolitical uncertainty.

• Full-year provision guidance for Polish FX mortgages at EUR 300 million.

• Downside risks include higher Austrian bank tax, slow loan growth, and US tariffs.