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Raiffeisenbank: at the end of 2014 the Bank’s assets rose 25.6% exceeding RUB 893 billion

ZAO Raiffeisenbank results for 2014 are provided in accordance with International Financial Reporting Standards (IFRS) and may differ from the "Russia" segment data in Raiffeisen Bank International AG (RBI) financial report as a result of the difference arising from consolidation.

"We have learned a positive lesson from the 2009 crisis and are well prepared for any changes on the market. In the time of economic growth, we have kept our conservative approach to lending and liquidity management, and therefore now we enjoy solid  liquidity and capital positions and high profitability," says Raiffeisenbank CEO Sergey Monin. "Another strong side of the Bank, I would say, is our loan portfolio which is of a much higher quality now than it was in 2009. We achieved this due to our credit policy, strict requirements to collateral and clients' debt burden, and a good base of quality borrowers."

In a rather tense economic environment of 2014 Raiffeisenbank demonstrated strong financial results.

Operating income before provisioning for impairment losses[1] increased by 7.1% and reached RUB 55 138.8 million at the end of 2014 due to a positive trend in net interest income before provisioning for impairment losses and net fee and commission income. Operating expenses demonstrated a slower growth of 5.8%.

As a result, the cost/income ratio fell by 0.6 percentage points to 45.5%. An optimal value of the Bank's cost/income ratio is based on the cost optimisation policy and improvement of existing business processes and technologies. 

Net interest margin was growing over the entire year and in Q4 reached 6.5%[2] (compared to 6.1% in Q1-2 2014) primarily due to a higher share of loan portfolio in total assets (about 60.3%[3] in H1 and 66.6% in Q4 2014).

Net interest income before provisioning for impairment losses rose mainly due to the increase in interest income on loans and advances to retail customers (+29.5% or RUB 6 652.7 million), and on corporate loans (+14.8% or RUB 2 973.7 million) driven by the growth in loan portfolios in these segments. 

The growth in the net fee and commission income was driven by higher net commissions on payment transactions (+17.3% to RUB 746.1 million), net commissions on operations with plastic cards (+9.0% to RUB 4 232.1 million) driven by the rise in the number of cards issued, and agent insurance fees within partnership programmes (+25.6% to RUB 1 775.5 million) primarily due to higher sales of loan products to retail customers.

Trading result[4] fell as compared to 2013, and in 2014 was RUB -303.4 million. This loss was due to a negative revaluation of securities. Another contributor to the lower trading result was a positive one-off effect in the amount of RUB 1 032.5 million from the sale of the securities available for sale in Q1 2013.

Profit before tax[5] was RUB 23 008.8 million, 10.9% down as compared to the historic record-high profit of 2013, due to charge of provision for loan impairment in amount of  RUB 7 334.1 million and lower trading result.

The Bank's profit after tax[6] was RUB 18 371.2 million.

Profit after tax less goodwill impairment was RUB 7 670.9 million.

In accordance with RAS and IFRS, goodwill impairment does not affect tax base or capital adequacy ratios.

Goodwill is an intangible asset that arose from Impexbank acquisition and merger in 2007. Goodwill impairment in amount RUB 10.7 billion is a one-off bookkeeping operation that reflects the higher risk premium for Russian assets included in the model, and more conservative expectations related to future growth rate of Russian assets due to deteriorating operating environment.

Liquid assets remained nearly unchanged compared to end-2013 reaching RUB 230 784.9 million as of 31.12.2014. The share of liquid assets was 25.8%, down 6.8 percentage points, driven by higher total assets of the Bank. The second half of 2014 was marked by an expanded business in the corporate segment. The major part of the corporate portfolio falls on the loans that represent a source of liquidity: the Bank may use them to attract funds from the CBR under 312-P Programme.

Total loan portfolio before provisions rose 33.3% to RUB 599 343.6 million due to the growth of  portfolios in all business segments: retail loans +15.6% to RUB 210 110.1 million; small and micro business +19.0% to RUB 21 172.9 million; middle businesses +25.7% to RUB 20 773.8 million); large corporates +48.8% to RUB 347 282.5 million.

The share of loans individually determined to be impaired in the total loan portfolio was 5.8% at the end of 2014, up 1.1 percentage points compared to 31.12.2013 and 0.4 percentage points compared to Q3 2014.

At the end of 2014, customer accounts rose 16.0% compared to Q3 2014 to RUB 531 900.5 million, or 17.6% year-on-year driven primarily by the growth in accounts of legal entities and individuals (+15.6% and +19.0%, respectively).

Loan-to-deposit ratio was 112.7% at the end of 2014.

Term borrowings from parent bank amounted to RUB 61 993.2 million, up 86.9% compared to RUB 33 172.3 million at the end of 2013, due to subordinated USD loans from RBI obtained in Q3 2014 and their revaluation due to the rise of exchange rate. The share of the term borrowings from parent bank in total banks liabilities was 7.8% as of 31.12.2014.

The Bank's equity decreased by 13.1% or RUB 15 125.9 million compared to the end of 2013 following the payment of dividends for 2013 in May 2014 in the amount of RUB 12 122.4 million, and in September 2014 for the first half of 2014 (RUB 10 674.4 million). At the same time, the Bank obtained USD 300 million in subordinated loans from parent bank that are included in the calculation of capital as required by the CBR Regulation 395-P (additional and supplementary capital).

H 1.1 and H 1.2 ratios (under Basel III calculated in accordance with the methodology of the Central Bank of the Russian Federation) were as of 01.01.2015 at a high level of 9.2% and 9.9%, respectively. 


2013, RUB million

2014, RUB million

Change, %

Net interest income before provisioning for impairment losses[7]

35 882.6

43 163.5


Additional provisioning

2 175.7

7 334.1


Net fee and commission income

10 583.3

11 353.0


Trading result

4 227.8



Administrative and other operating expenses

23 737.2

25 109.8


Profit before tax

25 813.8

23 008.8


Net profit

20 381.0

18 371.2


Net profit (including one-off goodwill impairment)

20 381.0

7 670.9


Cost-to-income ratio



-0.6 p.p.

ROE before tax



-2.8 p.p.

ROE after tax


16.2 %

-2.1 p.p.


RUB million

RUB million

Change, %


711 372.1

893 279.8


Liquid assets

231 562.0

230 784.9


Loans and advances to customers before provisioning:

449 492.9

599 343.6


Retail customers

181 691.5

210 110.1


Small and micro businesses

17 789.9

21 172.9


Medium businesses

16 530.0

20 773.8


Large businesses

233 432.7

347 282.5


Customer accounts

452 472.8

531 900.5


Funds obtained from parent bank

33 172.3

61 993.2



115 784.3

100 658.4


Share of loans individually determined to be impaired in total loan portfolio



1.1 p.p.

Total Basel III capital adequacy ratio



-1.3 p.p. 

H1 capital ratio (calculated in accordance with the CBR methodology)



-0.6 p.p.


ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. According to Interfax-CEA, Russia's Raiffeisenbank ranked 13th based on assets in 2014. According to Interfax-CEA,  ZAO Raiffeisenbank ranked 6th in Russia in terms of retail deposits and 9th based on outstanding retail loans for 2014.

Raiffeisen Bank International AG is a leading corporate and investment bank in the financial markets of Austria and Central and Eastern Europe. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 15 markets. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, another geographic region of the Group's focus. Over 56,000  employees serve 14.6 million customers in more than 2900 branches, most of which are located in Central and Eastern Europe. Raiffeisen Bank International is a fully consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB), which owns about 60.7% of the common stock listed on the Vienna Stock Exchange. The remaining shares constitute free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the head office of the entire RZB Group, including RBI.

[1] Calculated by subtracting from Operating income the following items: Provisions for loan impairment, Provisions for credit related commitments, Provisions for investment securities held to maturity. Without goodwill impairment

[2] Annualized. Calculated as a relation of net interest income before provisioning to the quarter-average assets that generate interest income.

[3] Calculated as a relation of the quarter-average loan portfolio (before provisioning) to average assets for the same quarter.

[4] Trading result includes: losses net of gains from trading securities, gains less losses from other securities at fair value through consolidated profit or loss, gains less losses/(losses, net of gains) from redemption of investment securities available for sale, gains less losses from trading in foreign currencies, unrealized gains less losses/(losses, net of gains) from derivative financial instruments, realized gains less losses from derivative financial instruments (excluding realized result from derivative financial instruments cross-currency interest rate swaps, currency swaps, and interest rate swaps), foreign exchange translation (losses, net of gains)/gains, net of losses, ineffectiveness from the hedge accounting.

[5] Before goodwill impairment

[6] Before goodwill impairment

[7] Including the net realized result from derivative financial instruments (cross-currency interest rate swaps, currency swaps, and interest rate swaps).


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