Over the past three years, Austrian banking group Raiffeisen Bank International AG (RBI) has received more profits from its Russian division than from all its others branches around the world, reported the British newspaper Financial Times.
The publication also predicts that the group's Russian and Belarusian divisions will collectively bring Raiffeisen around EUR 1.2 billion in net profit in 2024, amounting to 69% of the group's total net profit. In comparison, the economic activities of the other branches of the RBI will bring a total of only EUR 500 million in net income, the publication writes, citing analysts from the financial corporation Citigroup.
The Raiffeisen Group reported on January 31 that the net profit of its Russian business at the end of 2023 fell by 35% to EUR 1.3 billion. In 2022, the net profit of RBI in Russia amounts to EUR 2.05 billion. A drop of 8% is also shown by net interest income - up to EUR 1.4 billion. RBI in Russia manages a subsidiary credit institution - Raiffeisen, which has been operating in the Russian Federation since 2014. 1996
In mid-March 2022, it became known that the RBI, against the background of the situation in Ukraine, was evaluating strategic options for the future of its business in the Russian Federation, “including a carefully considered exit from Raiffeisen in Russia.&rdquo ; The group later said it had received several offers to buy the Russian subsidiary. Raiffeisen intends to continue operating in the Russian Federation, regardless of the Austrian banking group's decisions on equity participation.