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Raiffeisenbank earned RUB 8.6 bn in the first quarter of 2021 according to IFRS results
May 18 2021
Raiffeisenbank announces financial results for 3M 2021. All indicators are presented in accordance with International Financial Reporting Standards (IFRS) and may differ from the Russian data in the financial report of Raiffeisen Bank International AG (RBI) due to the differences arising from the consolidation and conversion of indicators in Euro.
- The Bank’s net profit was RUB 8.6 bln for the first quarter of 2021, down 22.0% YoY and down 14.6% QoQ.
- ROE was 19.2% for the first three months of the year.
- The Bank’s CIR, adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, was 41.2% for 1Q21.
- Gross total loans were RUB 854 bln, down 1.6% YoY and up 0.5% QoQ.
- Customer accounts reached RUB 1 138 bln, up 1.8% YoY and up 0.7% QoQ.
KEY FINANCIAL RESULTS
Income statement
The Bank’s net profit reached RUB 8.6 bln in 1Q21, down 22.0% YoY and 14.6% QoQ. ROE after tax was 19.2% for the first three months of the year (down 501 bps YoY and down 313 bps QoQ). The quarterly decline in the Bank’s ROE was due to a lower net F&C income, while the annual decrease in the ratio was mainly driven by a lower trading income.
Net interest income decreased by 4.1% YoY and was down 6.5% QoQ, and reached RUB 13.9 bln in 1Q21. The annual decline in the NII was mainly due to a lower interest income from loans.
NIM was 4.5% in 1Q21, down from 5.0% in 1Q20, and 4.8% in 4Q20. The NIM fell both QoQ and YoY as a decline in the cost of funding was lower than the decline in the asset yield. Adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, the NIM was 4.3% in 1Q21, down from 4.7% in 1Q20, and 4.6% in 4Q20.
Net fee and commission income rose by 5.9% YoY in 1Q21. Net F&C income was down QoQ due to a
Trading result1 for 1Q21 was RUB 1.0 bln, which was below both the 1Q20 (RUB 4.0 bln) and the 4Q20 (RUB 1.6 bln) results.
Provision charge was RUB 1.1 bln for the quarter. COR was 0.5% for 1Q21, down compared to both 1Q20 (0.9%) and 4Q20 (0.7%) levels.
Operating expenses increased by 2.5% YoY in the first quarter. CIR, adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, was 41.2%. The annual increase in the CIR was due to a lower operating income.
Balance sheet
Total assets were down 0.2% YoY and 0.7% QoQ as of the end of 1Q21. Cash balance decreased by 6.9% YoY and 16.4% QoQ, while securities were up 32.4% YoY and 27.1% QoQ.
Gross total loans were RUB 854 bln, down 1.6% YoY but up 0.5% QoQ. The annual decline in the loan book was due to a 3.5% decrease in loans to large corporate loans.
Stage 3 + POCI ratio was 3.6% as of the end of the first quarter, up by 75 bps YoY and up by 8 bps QoQ. The increase in the total Stage 3 + POCI ratio was driven by unsecured retail lending, while the ratios in other segments remained broadly stable.
Customer accounts grew by 1.8% YoY and 0.7% QoQ, and amounted to RUB 1 138 bln. Deposit growth was driven by current accounts — retail current accounts were up 3.6% QoQ and up 36.6% YoY, while corporate ones increased by 9.8% QoQ and 21.0% YoY.
Net LDR ratio was 73.1%, down from 73.3% in 4Q20 and 76.1% in 1Q20.
Equity reached RUB 183 bln as of the end of the quarter, down by 2.3% YoY but up 4.7% QoQ. The annual decline was due to the fact that the Bank paid RUB 19.0 bln and RUB 20.8 bln in dividends in September and December respectively.
Capital adequacy ratios of N1.1 and N1.22 as of April 1, 2021, amounted to 13.1% and 14.0%, respectively (with regulatory minimums of 8.0%* and 9.5%*). N1.0 ratio was 16.6% as of the same date (with a regulatory minimum of 11.5%*).
1 The following items are included in the trading result: gains less losses on trading securities; gains less losses on other securities at fair value through profit or loss; gains less losses on foreign exchange transactions; unrealized gains less losses/(losses less gains) from derivative financial instruments; realized gains less losses on derivative financial instruments; losses less gains on foreign currency revaluation; amortization of hedge adjustments and hedge inefficiencies; gains less losses from disposals of investment securities at fair value through other comprehensive income.
2 Basel III in accordance with the CBR methodology.
* — minimum regulatory capital adequacy requirements for systemically important credit institutions
Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank is one of the most reliable Russian banks, which creates financial solutions for private and corporate clients, residents and
Raiffeisen Bank International AG is the leading corporate and investment Bank in the financial markets of Austria and Central and Eastern Europe. In Central and Eastern Europe, Raiffeisen Bank International is represented in 13 markets and provides a wide range of financial services, including leasing, asset management and m&a support. Over 46,000 employees serve 16.7 mn customers in around 2,000 business outlets, most of which are located in Central and Eastern Europe. Raiffeisen Bank International shares are listed on the Vienna Stock Exchange.
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