Raiffeisen Bank International (RBI) Q3 2025 earnings summary

Executive summary

• Consolidated profit for the first nine months excluding Russia reached EUR 1.027 billion, up 21% year-over-year, with a return on equity (ROE) of 10%, in line with guidance for 2025; consolidated profit including Russia dropped 56% to EUR 926 million due to a EUR 1.2 billion derecognition and ongoing de-risking.

• Excluding both Russia and Poland, ROE was 13.5% for the period, with an ambition to maintain around 13% going forward.

• CET1 ratio at 30/09/2025 was 18.2% (transitional, incl. results), with Core Group CET1 ratio excluding Russia at 15.7%.

• Loan growth across the region continued at a 3% pace year-to-date, with strong retail lending in Czechia and Slovakia and above-market growth in most markets.

• The business in Russia has been significantly reduced, with the loan book down nearly 60% and customer deposits down almost 40% since the start of the war.

Financial highlights

• Net interest income for 1-9/2025 was EUR 4,431 million, up 4% year-over-year; net fee and commission income was EUR 2,032 million, up 3%.

• Operating expenses increased 7% year-over-year to September 2025, mainly due to inflation-driven staff costs and higher transaction taxes, leading to a cost/income ratio of 43.8% (Group) and 53% (guidance for Core Group).

• Provisioning ratio for the year stands at 14-18 basis points, with risk costs remaining very low and defaults/insolvencies at minimal levels.

• NPE ratio reached a new low of 1.7%, with Stage 3 coverage ratio stable around 50%.

• Loans to customers grew 3% year-to-date to EUR 103,027 million; deposits from customers increased 4% quarter-over-quarter to EUR 125,284 million.

Outlook and guidance

• Loan growth guidance for 2025 is confirmed at 6%-7%.

• ROE guidance for the group excluding Russia is 10%, and about 13% excluding Russia and Poland for the future.

• Risk cost guidance for 2025 is brought down to around 30 basis points.

• Poland litigation provision guidance for 2025 is around EUR 300 million, with expectations for 2026 to be lower, in the EUR 220-250 million range.

• Year-end CET1 ratio expected at 15.2% in a Russia deconsolidation scenario.