Half Year 2024 Raiffeisen Bank International AG Earnings Call Transcript
Key Points
- Raiffeisen Bank International AG (RAIFF) reported a consolidated profit of EUR1.3 billion for the first half of 2024.
- The CET-1 ratio improved to 17.8% for the Group, driven by appreciation in the quarter.
- Loan growth is picking up, with good dynamics in retail unsecured, mortgages, and corporate lending.
- Net fees and commission income rebounded, confirming guidance at around EUR1.8 billion.
- The bank's liquidity ratios remain very stable at high levels.
- Net interest income (NII) is slightly down this quarter, particularly in Hungary and the head office.
- Operational expenses (OpEx) increased by 5% in the first half of 2024 compared to the first half of 2023.
- The bank is facing significant challenges in de-risking and potentially exiting its operations in Russia.
- The CET-1 ratio excluding Russia and Belarus is lower at 14.7%, with potential volatility due to ruble fluctuations.
- The bank is dealing with increased provisions for litigation related to FX mortgage portfolios, particularly in Poland.
Good afternoon, ladies and gentlemen, and welcome to the Q2 2024 results conference call of Raiffeisen Bank International. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Mr. Johann Strobl, Chief Executive Officer. Please go ahead, sir.
Good afternoon, ladies and gentlemen, and welcome to our half-year â24 update call. Thank you for taking the time to join us today, and I hope that you will enjoy your summer break once the current reporting window is over.
In the first half of the year, we can report a consolidated profit of EUR1.3 billion and more importantly, EUR604 million excluding the profits in Russia and Belarus. Our return on equity stands at 15% for the group and around 10% or 9%, sorry for excluding Russia and Belarus. Finally, the CET-1 ratio improves to 17.8% for the Group, largely driven by the appreciation in the quarter, and remains stable for the pyramid, excluding Russia and Belarus.
On slide 5, we can
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