Raiffeisen Bank Int.

RBI's npls (as % of loans) fell 29.5% yoy to 3.55% in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int.'s non-performing loans reached 3.55% of total loans at the end of 2019-06-30, down from 5.03% compared to th...

RBI's net interest margin fell 3.24% yoy to 2.28% in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int.'s net interest margin amounted to 2.28% in the second quarter of 2019, down from 2.30% when compared to the...

RBI's employees fell 5.69% yoy to 47,181 in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int. employed 47,181 persons in 2019-06-30, down 0.176% when compared to the previous year. Historically, the ba...

Profit Statement 2016 2017 2018
Net Interest Income EUR mil 3,197 3,225 3,362
Net Fee Income EUR mil 1,599 1,719 1,791
Other Income EUR mil 140 155 145
Total Revenues EUR mil 4,937 5,098 5,298
Staff Cost EUR mil 1,552 1,554 1,580
Operating Profit EUR mil 1,795 2,087 2,250
Provisions EUR mil 758 312 166
Net Profit EUR mil 520 1,116 1,270
Balance Sheet 2016 2017 2018
Interbank Loans EUR mil 10,981 10,741 9,998
Customer Loans EUR mil 74,524 77,745 80,866
Debt Securities EUR mil 27,635 21,967 19,778
Total Assets EUR mil 134,804 135,146 140,115
Shareholders' Equity EUR mil 9,752 11,241 12,413
Interbank Borrowing EUR mil 24,060 22,378 23,980
Customer Deposits EUR mil 80,325 84,974 87,038
Issued Debt Securities EUR mil 14,374 16,553 16,684
Ratios 2016 2017 2018
ROE % 5.70 10.6 10.7
ROA % 0.417 0.827 0.923
Costs (As % Of Assets) % 2.52 2.23 2.21
Costs (As % Of Income) % 63.6 59.1 57.5
Capital Adequacy Ratio % 17.1 17.8 18.2
Net Interest Margin % 2.57 2.39 2.44
Loans (As % Of Deposits) % 92.8 91.5 92.9
NPLs (As % Of Loans) % 8.66 5.68 4.11
Provisions (As % Of NPLs) % 75.9 67.3 58.3
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 5,367 11,914 8,758
Share Price (End Of Period) EUR 17.4 30.2 22.2
Price/Earnings (P/E) 9.79 8.90 5.75
Price/Book Value (P/BV) 0.522 0.884 0.588
Dividend Yield % 0 2.05 4.19
Earnings Per Share (EPS) EUR 1.77 3.39 3.86
Book Value Per Share EUR 33.3 34.2 37.7
Dividend Per Share EUR 0 0.620 0.930

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income EUR mil                       3,472 3,729 3,789 3,327 3,197    
Total Revenues EUR mil                       5,394 5,471 5,496 4,926 4,937    
Operating Profit EUR mil                       2,130 1,990 1,655 1,934 1,795    
Net Profit EUR mil                       725 603 -617 379 520    
balance sheet                                    
Interbank Loans EUR mil                       2,708 22,243 15,573 10,837 10,981    
Customer Loans EUR mil                       77,701 75,029 71,822 63,866 74,524    
Debt Securities EUR mil                       24,574 21,064 22,385 21,058 27,635    
Total Assets EUR mil                       136,116 130,640 121,500 114,427 134,804    
Shareholders' Equity EUR mil                       10,873 10,364 8,178 8,501 9,752    
Interbank Borrowing EUR mil                       30,186 30,105 22,408 16,369 24,060    
Customer Deposits EUR mil                       66,297 66,437 66,094 68,991 80,325    
Issued Debt Securities EUR mil                       17,227 16,737 17,471 12,593 14,374    
ratios                                    
ROE %                       6.65 5.68 -6.65 4.54 5.70    
ROA %                       0.512 0.452 -0.489 0.321 0.417    
Costs (As % Of Assets) %                       2.31 2.61 3.05 2.50 2.52    
Costs (As % Of Income) %                       60.5 63.7 70.1 59.9 63.6    
Capital Adequacy Ratio %                       15.6 15.9 15.1 16.8 17.1    
Net Interest Margin %                       2.45 2.80 3.01 2.82 2.57    
Interest Income (As % Of Revenues) %                       64.4 68.2 68.9 67.5 64.8    
Fee Income (As % Of Revenues) %                       28.1 29.7 28.9 30.8 32.4    
Staff Cost (As % Of Total Cost) % ...                     49.2 46.8 37.6 47.1 49.4    
Equity (As % Of Assets) %                       7.99 7.93 6.73 7.43 7.23    
Loans (As % Of Deposits) %                       117 113 109 92.6 92.8    
Loans (As % Assets) %                       57.1 57.4 59.1 55.8 55.3    
NPLs (As % Of Loans) % ...                     9.82 10.7 11.4 11.9 8.66    
Provisions (As % Of NPLs) % ...                     68.9 64.7 68.8 72.7 75.9    
valuation                                    
Market Capitalisation (End Of Period) USD mil ...                     8,116 6,905 4,447 4,341 5,367    
Number Of Shares (Average) mil ...                     196 196 293 293 293    
Share Price (End Of Period) EUR ...                     31.5 25.6 12.5 13.6 17.4    
Earnings Per Share (EPS) EUR ...                     3.71 3.08 -2.11 1.29 1.77    
Book Value Per Share EUR ...                     55.6 53.0 27.9 29.0 33.3    
Dividend Per Share EUR ...                     2.48 2.76 0 0 0    
Price/Earnings (P/E) ...                     8.48 8.31 ... 10.5 9.79    
Price/Book Value (P/BV) ...                     0.566 0.483 0.449 0.469 0.522    
Dividend Yield % ...                     7.89 10.8 0 0 0    
Earnings Per Share Growth % ... ...                   -25.0 -16.9 -168 -161 37.3    
Book Value Per Share Growth % ... ...                   -0.575 -4.68 -47.3 3.95 14.7    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income EUR mil                       6,479 6,084 5,616 4,916 4,513    
Interest Cost EUR mil                       3,007 2,355 1,827 1,590 1,316    
Net Interest Income EUR mil                       3,472 3,729 3,789 3,327 3,197    
Net Fee Income EUR mil                       1,516 1,626 1,586 1,519 1,599    
Other Income EUR mil                       406 116 121 80.6 140    
Total Revenues EUR mil                       5,394 5,471 5,496 4,926 4,937    
Staff Cost EUR mil ...                     1,606 1,632 1,450 1,389 1,552    
Depreciation EUR mil ...                     401 431 381 351 375    
Other Cost EUR mil ...                     1,257 1,424 2,020 1,211 1,214    
Operating Cost EUR mil                       3,264 3,487 3,850 2,952 3,141    
Operating Profit EUR mil                       2,130 1,990 1,655 1,934 1,795    
Provisions EUR mil                       1,009 1,149 1,750 1,264 758    
Extra and Other Cost EUR mil                       89.8 6.26 9.75 -41.1 91.6    
Pre-Tax Profit EUR mil                       1,032 835 -105 711 946    
Tax EUR mil                       284 232 483 276 310    
Minorities EUR mil                       22.3 45.6 29.7 56.1 116    
Net Profit EUR mil                       725 603 -617 379 520    
Dividends EUR mil                       485 539 0 0 0    
growth rates                                    
Net Interest Income Growth % ...                     -5.32 7.39 1.61 -12.2 -3.89    
Net Fee Income Growth % ...                     1.78 7.24 -2.48 -4.21 5.26    
Total Revenue Growth % ...                     -6.87 1.42 0.460 -10.4 0.204    
Operating Cost Growth % ...                     4.60 6.84 10.4 -23.3 6.42    
Operating Profit Growth % ...                     -20.3 -6.58 -16.8 16.8 -7.15    
Pre-Tax Profit Growth % ...                     -24.9 -19.1 -113 -779 33.1    
Net Profit Growth % ...                     -25.0 -16.9 -202 -161 37.3    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash EUR mil                       1,099 6,674 6,769 13,212 16,839    
Interbank Loans EUR mil                       2,708 22,243 15,573 10,837 10,981    
Customer Loans EUR mil                       77,701 75,029 71,822 63,866 74,524    
Retail Loans EUR mil ...                     29,134 26,578 24,935 24,635 25,578    
Mortgage Loans EUR mil ... ... ... ... ...             14,667 19,115 17,103 16,815 17,502    
Consumer Loans EUR mil ... ... ... ... ...             14,468 7,463 7,832 7,820 8,077    
Corporate Loans EUR mil ...                     52,261 52,409 51,539 44,472 65,000    
Debt Securities EUR mil                       24,574 21,064 22,385 21,058 27,635    
Fixed Assets EUR mil                       2,918 2,843 2,074 2,094 2,519    
Total Assets EUR mil                       136,116 130,640 121,500 114,427 134,804    
Shareholders' Equity EUR mil                       10,873 10,364 8,178 8,501 9,752    
Of Which Minority Interest EUR mil                       719 485 495 535 655    
Liabilities EUR mil                       125,243 120,276 113,322 105,926 125,053    
Interbank Borrowing EUR mil                       30,186 30,105 22,408 16,369 24,060    
Customer Deposits EUR mil                       66,297 66,437 66,094 68,991 80,325    
Retail Deposits EUR mil ...                     33,034 31,339 30,926 33,644 38,529    
Corporate Deposits EUR mil ...                     31,567 33,858 34,018 33,634 40,331    
Sight Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 35,214 40,582 36,151 44,461   ...
Term Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 31,223 25,512 32,840 35,864   ...
Issued Debt Securities EUR mil                       17,227 16,737 17,471 12,593 14,374    
Other Liabilities EUR mil                       11,532 6,998 7,349 7,972 6,294    
asset quality                                    
Non-Performing Loans EUR mil ...                     8,183 8,657 8,876 8,328 6,911    
Gross Loans EUR mil                       83,343 80,635 77,925 69,921 79,769    
Total Provisions EUR mil                       5,642 5,605 6,103 6,055 5,245    
growth rates                                    
Customer Loan Growth % ...                     1.54 -3.44 -4.27 -11.1 16.7    
Retail Loan Growth % ... ...                   24.8 -8.77 -6.18 -1.20 3.83    
Mortgage Loan Growth % ... ... ... ... ... ...           37.3 30.3 -10.5 -1.68 4.08    
Consumer Loan Growth % ... ... ... ... ... ...           14.2 -48.4 4.95 -0.158 3.29    
Corporate Loan Growth % ... ...                   -6.47 0.284 -1.66 -13.7 46.2    
Total Asset Growth % ...                     -7.39 -4.02 -7.00 -5.82 17.8    
Shareholders' Equity Growth % ...                     -0.575 -4.68 -21.1 3.95 14.7    
Customer Deposit Growth % ...                     -0.674 0.210 -0.515 4.38 16.4    
Retail Deposit Growth % ... ...                   13.3 -5.13 -1.32 8.79 14.5    
Corporate Deposit Growth % ... ...                   -11.4 7.26 0.472 -1.13 19.9    
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       6.65 5.68 -6.65 4.54 5.70    
ROA %                       0.512 0.452 -0.489 0.321 0.417    
Costs (As % Of Assets) %                       2.31 2.61 3.05 2.50 2.52    
Costs (As % Of Income) %                       60.5 63.7 70.1 59.9 63.6    
Capital Adequacy Ratio %                       15.6 15.9 15.1 16.8 17.1    
Tier 1 Ratio %                       11.2 11.2 10.8 12.1 12.4    
Net Interest Margin %                       2.45 2.80 3.01 2.82 2.57    
Interest Spread % ...                     2.28 2.64 2.89 2.72 2.48    
Asset Yield %                       4.58 4.56 4.45 4.17 3.62    
Cost Of Liabilities % ...                     2.30 1.92 1.56 1.45 1.14    
Payout Ratio %                       66.9 89.4 0 0 0    
Interest Income (As % Of Revenues) %                       64.4 68.2 68.9 67.5 64.8    
Fee Income (As % Of Revenues) %                       28.1 29.7 28.9 30.8 32.4    
Other Income (As % Of Revenues) %                       7.52 2.11 2.20 1.64 2.84    
Cost Per Employee USD per month ...                     2,860 3,117 2,845 2,578 2,760    
Cost Per Employee (Local Currency) EUR per month ...                     2,227 2,348 2,207 2,249 2,577    
Staff Cost (As % Of Total Cost) % ...                     49.2 46.8 37.6 47.1 49.4    
Equity (As % Of Assets) %                       7.99 7.93 6.73 7.43 7.23    
Loans (As % Of Deposits) %                       117 113 109 92.6 92.8    
Loans (As % Assets) %                       57.1 57.4 59.1 55.8 55.3    
NPLs (As % Of Loans) % ...                     9.82 10.7 11.4 11.9 8.66    
Provisions (As % Of NPLs) % ...                     68.9 64.7 68.8 72.7 75.9    
Provisions (As % Of Loans) %                       7.26 7.47 8.50 9.48 7.04    
Cost of Provisions (As % Of Loans) %                       1.31 1.50 2.38 1.86 1.09    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Branches                       3,106 3,025 2,866 2,705 2,522    
Employees ...                     60,084 57,901 54,730 51,492 50,203    
Clients mil ... ... ... ... ... ... ... ... ... ...   14.2 14.6 14.8 14.9 17.0    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... 53.0 61.4 52.4 55.4   ...
Risk-Weighted Assets EUR mil                       68,136 79,897 68,721 63,272 67,911    

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RBI's capital adequacy ratio rose 1.33% yoy to 17.8% in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int.'s capital adequacy ratio reached 17.8% at the end of second quarter of 2019, down from 18.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 18.2% in 4Q2018 and an all time low of 14.8% in 1...

RBI's net profit fell 3.13% yoy to EUR 345 mil in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int. made a net profit of EUR 345 mil in the second quarter of 2019, down 3.13% when compared to the same period of last year. This implies a return on equity of 10.7%. Historically, the bank’s net profit reached an all time high of EUR 417 mil in...

RBI's market capitalisation (end of period) rose 2.53% to USD 7,691 mil in 2Q2019

By Helgi Analytics - October 23, 2019

Raiffeisen Bank Int. stock traded at PLN 202 per share at the end of second quarter of 2019 implying a market capitalization of USD 6,950 mil. Over the last five years, the stock has appreciated by 52.3 implying an annual average growth of 8.78% In absolu...

RBI's costs (as % of assets) fell 1.48% yoy to 2.10% in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int.'s cost to income ratio reached 60.6% in the second quarter of 2019, down from 60.9% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 68.2% of income in 1Q2016 and an all time low of 54.7% ...

RBI's share price (end of period) fell 28.3% yoy to EUR 20.6 in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int. stock traded at EUR 20.6 per share at the end of second quarter of 2019 implying a market capitalization of USD 7,691 mil. Over the last five years, the stock has depreciated by -11.1 % implying an annual average growth of -2.32 %. In absolute ter...

RBI's equity (as % of assets) rose 4.27% yoy to 8.69% in 2Q2019

By Helgi Analytics - October 7, 2019

Raiffeisen Bank Int.'s Equity reached 9.29% of total assets in the 2Q2019, down from 10.9% for the previous year. As a share of net customer loans, the ratio amounted to 12.8% at the end of the second quarter of 2019. ...

RBI's Cost of Risk rose 871% yoy to 0.007% in 2Q2019

By Helgi Analytics - August 23, 2019

Raiffeisen Bank Int.'s Cost of Risk (loan loss provisions as % of total assets) amounted to 0.007% in the second quarter of 2019, down from 0.025% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 2.20% in 4...

RBI's net interest income rose 0.671% yoy to EUR 840 mil in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int. generated total banking revenues of EUR 1,276 mil in the second quarter of 2019, down 7.45% when compared to the same period of last year and up 7.3% when compared to the previous quarter. Historically, the bank’s revenues con...

RBI's customer loan growth rose 589% yoy to 13.6% in 2Q2019

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int.'s customer loan growth reached 13.6% in 2019-06-30, up from 1.98% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 16.7% in 2016-12-31 and an all time low of -12.1% in 2015-09-30. In the...

RBI's net profit rose 13.8% to EUR 1,270 mil in 2018

By Helgi Analytics - August 12, 2019

Raiffeisen Bank Int. made a net profit of EUR 1,270 mil in 2018, up 13.8% compared to the previous year. This implies a return on equity of 10.7%. Historically, the bank’s net profit reached an all time high of EUR 1,270 mil in 2018 and an all time low of E...

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Raiffeisen Bank International AG (RBI) is an Austrian bank that focuses on corporate and retail banking sector. From a relatively small bank in a country of 8 million people, the bank has grown into one of the biggest players in the region of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS). The bank now operates in 17 different countries, employes about 60,000 people and services approximatelly 14.9 million customers through more than 3,100 branches. The Bank's products include financing, leasing, investing, hedging, trade & export finance, investment banking, cash management, payment services, custody & fund services, and cards, among others. RBI's shares are listed on the Vienna Stock Exchange and are majority-owned by RZB, which is a central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group

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Finance

Raiffeisen Bank Int. has been growing its revenues and asset by 0.887% and 5.08% a year on average in the last 10 years. Its loans and deposits have grown by 3.69% and 7.01% a year during that time and loans to deposits ratio reached 92.9% at the end of 2018. The company achieved an average return on equity of 6.55% in the last decade with net profit growing 2.60% a year on average. In terms of operating efficiency, its cost to income ratio reached 57.5% in 2018, compared to 58.3% average in the last decade.

Equity represented 8.86% of total assets or 15.4% of loans at the end of 2018. Raiffeisen Bank Int.'s non-performing loans were 4.11% of total loans while provisions covered some 58.3% of NPLs at the end of 2018.

Valuation

Raiffeisen Bank Int. stock traded at EUR 22.2 per share at the end of 2018 resulting in a market capitalization of USD 8,758 mil. Over the previous five years, stock price fell by 13.3% or 2.82% a year on average. That’s compared to an average ROE of 4.99% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.75x and price to book value (PBV) of 0.588x in 2018.