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RBI: Consolidated profit of EUR 3.6 billion in 2022, driven by significant increase in core revenues

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Excluding Russia and Belarus, Raiffeisen Bank International (RBI) reported a preliminary 2022 net interest income of EUR 3,399 million, up 37% year-over-year due to higher interest rates and volumes. The net fee and commission income excluding Russia and Belarus stood at EUR 1,739 million, up 16% year-over-year.
In turn, net trading income and fair value result, excluding Russia and Belarus, went up EUR 179 million year-over-year, due to increased FX market making activities and credit spreads of own issues.
RBI also indicated that the preliminary customer loan growth reached 6% (excl. Russia and Belarus) with double digit growth in key CE and SEE markets, while its preliminary consolidated profit amounted to EUR 982 million (up 35% year-over-year), excluding Russia and Belarus as well as gain on sale of the Bulgarian units (EUR 453 million).
There were also risk costs of EUR 949 million, of which EUR 490 million booked in Russia and Belarus, and build-up of risk overlays (provisioning ratio of 0.73%); NPE ratio unchanged from previous year at 1.6%
The CET1 ratio stood at 16.0% (transitional, incl. result), driven by strong consolidated profit and RWA optimization; 14.0% excluding Russia. From the current perspective earnings from Russia and Belarus cannot be distributed.
RBI also indicated that the board would recommend a dividend of up to EUR 0.80 per share from the net profit for financial year 2022, although the timing of the decision is uncertain and unlikely to be made at the upcoming AGM (30 March 2023). The date of the decision and a resolution in an EGM will be chosen subject to capital ratios and ongoing strategic considerations.
Any decision on dividends will be based on the capital position of the Group excluding Russia.  Medium term return on equity and payout ratio targets are suspended due to current uncertainties in Eastern Europe.
RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 12 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A.
Around 44,000 employees service more than 17 million customers through some 1,700 business outlets, the by far largest part thereof in CEE. RBI's shares are listed on the Vienna Stock Exchange. The Austrian regional Raiffeisen banks own around 58.8 per cent of the shares, the remainder is in free float. Within the Austrian Raiffeisen Banking Group, RBI is the central institute of the regional Raiffeisen banks and other affiliated credit institutions.
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