{
}
High interest rates in Russia have increased profits for Austria"s Raiffeisen Bank International (RBI), despite a decline in deposits and credit volume. Customer numbers rose slightly to 3.3 million, but deposits fell to €11 billion and credit volume to €4.5 billion, as the bank tightened conditions, leading to withdrawals. Restrictions on foreign transfers and higher fees have further impacted customer retention.
Goldman Sachs maintains a 'Buy' rating for UBS with a target price of 38.70 francs, while JPMorgan upgrades its rating to 'Overweight' with a target of 31 francs, citing strong quarterly results and effective restructuring. UBS reported a profit of 1.43 billion USD in Q3 2024, exceeding market expectations, despite a slight dip in share price.
Raiffeisen Bank International AG has reduced its Russian loan and deposit volumes by approximately 25% in Q3 2024, following a directive from the European Central Bank (ECB). Loans to Russian customers now stand at €4.5 billion, while deposits have decreased to €11 billion. This decision comes after unsuccessful attempts to sell the unit amid sanctions and regulatory hurdles, with a Russian court recently freezing the unit"s shares, complicating the exit strategy.
Raiffeisen Bank International"s CEO, Johann Strobl, stated that the bank is not prepared to exit Russia without receiving compensation. He emphasized the importance of the bank"s Russian operations, which serve as a crucial payment lifeline for numerous companies in the region.
Raiffeisen Bank International AG has reduced its Russian loans and deposits by approximately 25% following pressure from the European Central Bank. Loans to Russian customers decreased by about 23% to under €4.5 billion, while customer deposits fell by 25% to around €11 billion.
Raiffeisen Bank International AG has reduced its Russian loans and deposits by approximately 25% following pressure from the European Central Bank. Loans to Russian customers decreased by about 23% to under €4.5 billion, while customer deposits fell by 25% to around €11 billion.
Raiffeisen has revised its 2024 consolidated return on equity guidance to approximately 7.5 percent, down from the previously anticipated 10 percent. This adjustment follows the bank"s decision to allocate 493 million euros for provisions related to Swiss franc and euro mortgage loans in Poland.
Raiffeisen Bank International AG reported a net income of €758 million for the third quarter of 2024, with basic earnings per share from continuing operations at 2.22 euros. For the nine months ending September 30, 2024, net income totaled 2,083 million euros, down from 2,114 million euros the previous year, with earnings per share at 6.09 euros compared to 6.19 euros.
Raiffeisen Bank International has accelerated its exit from the Russian market, resulting in a 1.5 percent decline in consolidated profit to 2.1 billion euros after three quarters. Notably, over half of this profit was derived from operations in Russia and Belarus.
Raiffeisen Bank International (RBI) has revised its return on equity (ROE) guidance for 2024 to approximately 7.5%, down from 10%, following the booking of 493 million euros in provisions for mortgage loans in Poland. The bank"s net interest income, including operations in Russia and Belarus, slightly increased to 1.46 billion euros in the third quarter, amid subdued business activity. RBI continues to face challenges in Russia, where a court has frozen its shares, complicating efforts to exit the market.
Raiffeisen Bank International AG
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Raiffeisen Bank profits rise in Russia despite declining customer deposits and credit
13:40 30.10.2024
ubs shares show resilience amid positive real estate market developments
Swiss Franc
Euro
United States Dollar
Commerzbank AG
UBS Group AG
Raiffeisen Bank International AG
UniCredit Bank AG
The Goldman Sachs Group, Inc.
DEU
CHE
USA
AUT
Show more
10:44 30.10.2024
Raiffeisen Bank reduces Russian exposure by 25 percent amid ECB pressure
08:00 30.10.2024
Raiffeisen Bank CEO insists on compensation before exiting Russia
Euro
Raiffeisen Bank International AG
RUS
AUT
Rachel More
Johann Strobl
Friederike Heine
Alexandra Schwarz-Goehrlich
Show more
08:00 30.10.2024
raiffeisen reduces russian loans and deposits under ecb pressure
19:45 29.10.2024
Raiffeisen Bank reduces Russian loans and deposits amid ECB pressure
19:45 29.10.2024
Raiffeisen lowers 2024 ROE forecast amid Polish mortgage loan provisions
19:12 29.10.2024
Raiffeisen Bank International reports third quarter net income of 758 million euros
19:06 29.10.2024
Raiffeisen Bank International accelerates exit from Russian market amid profit decline
08:00 29.10.2024
Raiffeisen Bank lowers return on equity forecast amid Polish loan provisions
08:00 29.10.2024
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Industry Mergers & Acquisitions
Finance Mergers & Acquisitions
Banking Regulations
Global Financial Events
Domestic Politics
Retail and Consumer Goods
CEO Changes
Global Trade Developments
Startups & Entrepreneurship
Market Analysis and Predictions
Government Policies
Workplace Trends
Central Bank Actions
Elections & Campaigns
Government Economic Policies
Supply Chain Management
Corporate Social Responsibility
Countries:
Companies:
Tesla, Inc.
JPMorgan Chase & Co.
Apple Inc.
UniCredit S.p.A.
Banco BPM S.p.A.
Deutsche Bank Money Market PP
Barclays PLC
Credit Suisse Strategic Income I
CREDIT AGRICOLE
SpaceXCoin USD
Amazon.com, Inc.
Lloyds Banking Group plc
BNP Paribas SA
UBS Group AG
The Goldman Sachs Group, Inc.
Banco Santander, S.A.
Credit Agricole
Berkshire Hathaway Inc.
Reinsurance Group of America, Incorporated
Google Inc.
Currencies:
United States Dollar
Euro
Swiss Franc
British Pound Sterling
Chinese Yuan
Japanese Yen
Indian Rupee
South Korean Won
Canadian Dollar
Offshore Chinese Yuan
Hong Kong Dollar
Singapore Dollar
Vietnamese Đồng
Australian Dollar
Mexican Peso
Norwegian Krone
Filipino Peso
Indonesian Rupiah
Thai Baht
Danish Krone
People: