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Raiffeisenbank earned RUR 30.6 bn for the first nine months of 2021 according to IFRS results
November 9 2021
Raiffeisenbank announces financial results for 9M 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 grew by 9.1% YoY and reached RUB 30.6 bn for 9M21.
- ROE was 23.1% for 9M21 and 27.2% for 3Q21.
- The Bank’s CIR, adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, was 37.2% for 9M21 and 33.5% for 3Q21.
- Total gross loans rose by 12.1% YoY driven by loans to middle enterprises (+30.4% YoY) and retail lending (+10.8% YoY).
- Retail current accounts increased by 12.1% YoY, while corporate current accounts increased by 14.0% YoY.
KEY FINANCIAL RESULTS
Income statement
The Bank’s net profit reached RUB 30.6 bn for the first nine months of the year (up 9.1% compared to 9M20). In the third quarter, the bank earned RUB 11.7 bn (+27.3% YoY and +13.2% QoQ). ROE after tax was 23.1% for 9M21 and 27.2% for 3Q21.
Net interest income was up by 1.6% YoY and reached RUB 44.3 bn in 9M21. In 3Q21, NII was RUB 15.8 bn, up by 8.2% YoY and up by 7.1% QoQ.
NIM was 4.7% for 9M21, down from 5.0% for 9M20. Adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, the NIM was 4.5% for 9M21, down from 4.7% for 9M20. In 3Q21, the NIM was 5.0% (4.8% if adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses), up from 4.7% in 2Q21 (4.5% adjusted).
Net fee and commission income rose by 17.8% YoY in 9M21. In 3Q21, fees grew by 23.1% YoY and 13.0% QoQ.
Trading result1 was RUB 4.3 bn for 9M21. In 3Q21, the trading result was RUB 1.6 bn.
Provision charge was R3.7 bn and R1.5 bn for 9M21 and 3Q21 respectively. COR was 0.5% for 9M21 and 0.7% for 3Q21.
Operating expenses increased by 3.9% YoY in 9M21. CIR, adjusted for reclassification of deposit insurance fee from operating expenses to interest expenses, was 37.2% for the first 9 months of the year. In 3Q21, CIR was 33.5% (adjusted for deposit insurance fee).
Balance sheet
Total assets grew by 2.7% YoY but were down 0.3% QoQ.
Total gross loans increased by 12.1% YoY and 6.5% QoQ and reached R951 bn. The annual growth was supported by loans to middle enterprises (+30.4% YoY) and retail loans (+10.8% YoY).
Stage 3 + POCI ratio was 2.8% as of the end of 3Q21, down by 46 bps YoY and down by 47 bps QoQ.
Customer accounts grew by 7.5% YoY and 2.1% QoQ and amounted to RUB 1 186bn. Retail current accounts increased by 12.1% YoY but were down 1.4% QoQ, while corporate current accounts increased by 14.0% YoY and were up 8.5% QoQ.
Net LDR ratio was 78.2% as of the end of 3Q21, up from 75.0% in 3Q20 and up from 74.9% in 2Q21.
Equity reached R177 bn, down by 4.6% YoY, but up 7.0% QoQ.
Capital adequacy ratios of N1.1 and N1.2 2 as of October 1, 2021, amounted to 11.0% and 11.8%, respectively (with regulatory minimums of 8.0%* and 9.5%*). N1.0 ratio was 14.7% 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. More than 45,000 employees serve 17.7 mn customers in around 1,800 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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