Raiffeisen Bank International (RBI) Q4 2024 earnings summary

Executive summary

• Group consolidated profit for 2024 was EUR 1,157 million, down 52% year-over-year, mainly due to Russian legal provisions and the sale of Belarus, with a EUR -824 million P&L impact.

• Core group profit (excluding Russia and Belarus) was EUR 975 million, broadly stable year-on-year, despite EUR 649 million provisions for CHF and EUR mortgage loans in Poland.

• The core group compensated for the loss of Russian and Belarusian business, with adjusted ROE between 13%-15% after adding back Polish litigation provisions.

• CET1 ratio at 17.1% (Group), 15.1% (excluding Russia); total capital ratio at 21.5%.

• A EUR 1.10 per share dividend is proposed, slightly lower than last year, reflecting prudent capital management.

Financial highlights

• Net interest income for the core group was EUR 4,155 million, roughly flat year-on-year; group net interest income increased to EUR 5,779 million.

• Net fee and commission income for the core group rose 5% to EUR 1,804 million; group net fee and commission income was EUR 2,638 million, down year-on-year.

• Loans to customers in the core group increased 3% in 2024; group loans to customers stable at EUR 99.6 billion.

• Cost/income ratio for the core group at 52.5%; group cost/income ratio at 43.0%.

• Operating result at EUR 4,915 million, slightly down from previous year.

Outlook and guidance

• Net interest income for 2025 expected around EUR 4.15 billion; net fee and commission income around EUR 1.95 billion.

• Loan growth guidance for 2025 is 6%-7%; CET1 ratio expected at 15.2%.

• Cost/income ratio expected around 52.5%; OpEx for 2025 expected at EUR 3.45 billion.

• Profitability expected around 10% ROE in 2025, with potential to reach 13% medium-term as Polish litigation provisions subside.

• Provisioning ratio up to 50bps in 2025, with overlays available to smoothen risk costs.