Raiffeisen Bank International

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million
  • TickerRBI
  • ISINAT0000606306
  • ExchangeVienna Stock Exchange
  • SectorBanks
  • CountryAustria

Analysts

Derya Guzel

Morningstar | Raiffeisen Records Good First Nine Months of 2018; FVE Maintained

No-moat Raiffeisen reported good first-nine months results as operating profits increased 10% to EUR 1,775 million. This was largely owed to a strong macro environment and healthy loan growth more than offsetting only marginally higher expenses. Net interest income grew to EUR 2.5 billion from EUR 2.4 billion last year, as net earnings assets increased 3% and the net interest margins grew 5 basis points to 2.49%. Net fee and commission income came in at EUR 1,325 million versus EUR 1,271 million last year. Expenses were kept under control as staff costs and other general expenses growth rates ...

Derya Guzel

Raiffeisen Records Good First Nine Months of 2018; FVE Maintained

No-moat Raiffeisen reported good first-nine months results as operating profits increased 10% to EUR 1,775 million. This was largely owed to a strong macro environment and healthy loan growth more than offsetting only marginally higher expenses. Net interest income grew to EUR 2.5 billion from EUR 2.4 billion last year, as net earnings assets increased 3% and the net interest margins grew 5 basis points to 2.49%. Net fee and commission income came in at EUR 1,325 million versus EUR 1,271 million...

Research Team

WOOD Morning (14 November)

HEADLINES: • Jumbo: still a safe play (stays BUY - transfer of coverage) • Raiffeisen Int.: posts very strong set of 3Q18 results POSITIVE • Bank Handlowy: mediocre 3Q18, starting to see a risk for generous dividend payments in medium term NEGATIVE • Inter Cars: 3Q18 below the market consensus, weak cash flows NEGATIVE • PGE: 3Q18 results in line with preliminary numbers, 2019E guidance in line with our expectations NEUTRAL • GTC: 3Q18 - EBIT broadly in line with our estimates, en route to exceed our FY18E FFO NEUTRAL • Pfleiderer: 3Q18 results neutral, but 2021E EBITDA margin and revenue tar...

Raiffeisen Bank International AG: Raiffeisen Bank International's Additional Tier 1 issuance improves loss-absorption buffers

The successful placement will improve the bank’s AT1 capital buffer to €1.15 billion from just under €650 million as of September 2017.

Raiffeisen Bank International AG: Update following upgrade of deposit ratings to A3

FINANCIAL INSTITUTIONS CREDIT OPINION 10 November 2017 Update RATINGS Raiffeisen Bank International AG Domicile Vienna, Austria Long Term Debt A3 Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit A3 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the 

Raiffeisen Bank International AG: RBI's improved credit profile is positive for Austria's Raiffeisen sector

FINANCIAL INSTITUTIONS ISSUER IN-DEPTH 3 November 2017 RATINGS Raiffeisen Bank International AG Deposits / Senior Unsecured A3 / A3 BCA / Adjusted BCA ba1 / baa3 Subordinate Baa3 Pref. Stock non-cumulative Ba3(hyb) Issuer Outlook Stable Source: Moody's Investors Service KEY METRICS: Raiffeisen Bank International AG 2015 2016 2Q 2017 Problem loans / Gross loans

Raiffeisen Bank International AG: RBI's improved credit profile is positive for Austria's Raiffeisen sector

FINANCIAL INSTITUTIONS ISSUER IN-DEPTH 3 November 2017 RATINGS Raiffeisen Bank International AG Deposits / Senior Unsecured A3 / A3 BCA / Adjusted BCA ba1 / baa3 Subordinate Baa3 Pref. Stock non-cumulative Ba3(hyb) Issuer Outlook Stable Source: Moody's Investors Service KEY METRICS: Raiffeisen Bank International AG 2015 2016 2Q 2017 Problem loans / Gross loans

Raiffeisen Bank International AG: Semiannual update

FINANCIAL INSTITUTIONS CREDIT OPINION 22 September 2017 Update RATINGS Raiffeisen Bank International AG Domicile Vienna, Austria Long Term Debt Baa1 Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit Baa1 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the 

Derya Guzel

Morningstar | Raiffeisen Records Good First Nine Months of 2018; FVE Maintained

No-moat Raiffeisen reported good first-nine months results as operating profits increased 10% to EUR 1,775 million. This was largely owed to a strong macro environment and healthy loan growth more than offsetting only marginally higher expenses. Net interest income grew to EUR 2.5 billion from EUR 2.4 billion last year, as net earnings assets increased 3% and the net interest margins grew 5 basis points to 2.49%. Net fee and commission income came in at EUR 1,325 million versus EUR 1,271 million last year. Expenses were kept under control as staff costs and other general expenses growth rates ...

Derya Guzel

Raiffeisen Records Good First Nine Months of 2018; FVE Maintained

No-moat Raiffeisen reported good first-nine months results as operating profits increased 10% to EUR 1,775 million. This was largely owed to a strong macro environment and healthy loan growth more than offsetting only marginally higher expenses. Net interest income grew to EUR 2.5 billion from EUR 2.4 billion last year, as net earnings assets increased 3% and the net interest margins grew 5 basis points to 2.49%. Net fee and commission income came in at EUR 1,325 million versus EUR 1,271 million...

Research Team

The Rear-View Mirror – EME markets: Turkish ESI at 2008 bottom in September

EME Equity Market – September 2018 Market performance – Turkey up 17% mom in EUR terms in September. The MSCI EME gained 6.1% in September, rebounding from the 6.7% loss recorded in August. The Turkish ISE rose by 17% mom in EUR terms, while Moscow’s stock exchange gained 8.6%. Prague’s PX market rose 3.1% in September, while the Bucharest Stock Exchange recorded a mom gain of 1.3%. Budapest’s BUX also rose modestly, by 0.8%. On the other hand, Warsaw’s WIG20 fell by 1.8% mom, while the Greek ASE index underperformed all of its peers, losing 5.2% mom (all performances measured in EUR terms).

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August

Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).

Derya Guzel

Morningstar | Raiffeisen Bank Continues Its Good Start of the Year in 2Q 2018; FVE Maintained

No-moat Raiffeisen Bank posted an 29% increase in its first-half 2018 net income, including a EUR 121 million expected loss from sale of Polish core banking operations. The main drivers were the first-quarter net release of loan losses, amounting to EUR 83 million, an 4% increase in net interest income, and an 3% increase in net fee and commission income. Net interest margin improvement in the first half by 5 basis points to 2.48% was mainly attributed to positive margin development in countries like Romania, the Czech Republic, and Ukraine. Noninterest expenses at EUR 1.5 billion, or 1% lower...

1 director bought

A director at Raiffeisen Bank International Ag bought 5,000 shares at 27.300EUR and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rule...

Research Team

WOOD Morning (14 November)

HEADLINES: • Jumbo: still a safe play (stays BUY - transfer of coverage) • Raiffeisen Int.: posts very strong set of 3Q18 results POSITIVE • Bank Handlowy: mediocre 3Q18, starting to see a risk for generous dividend payments in medium term NEGATIVE • Inter Cars: 3Q18 below the market consensus, weak cash flows NEGATIVE • PGE: 3Q18 results in line with preliminary numbers, 2019E guidance in line with our expectations NEUTRAL • GTC: 3Q18 - EBIT broadly in line with our estimates, en route to exceed our FY18E FFO NEUTRAL • Pfleiderer: 3Q18 results neutral, but 2021E EBITDA margin and revenue tar...

Research Team

Focus: Bank Millennium announces acquisition of SocGen’s consumer wing in Poland, Eurobank; MMK’s 3Q18 financial results – 5% ahead of consensus EBITDA, 4.4% quarterly dividend yield; Polish banks – PKO BP & Pekao’s EBA stress test results

HEADLINES: • Bank Millennium: announces acquisition of SocGen's consumer wing in Poland, Eurobank POSITIVE • MMK: 3Q18 financial results - 5% ahead of consensus EBITDA, 4.4% quarterly dividend yield POSITIVE • Polish banks: PKO BP and Pekao's EBA stress test results prove strong capitalisation of both POSITIVE • Austrian banks: still sensitive to adverse scenario, but capital stronger NEGATIVE • OTP Bank: sensitive to adverse macro outlook, but hefty capitalisation more than covers the risk NEUTRAL • EME Strategy: MSCI November 2018 SAIR predictions • Turkish automotive: domestic LV sales do...

Research Team

Focus: Moscow Exchange not paying an interim dividend for 1H18, approves acquisition of a stake in KASE; Pfleiderer’s 2Q18 results – in line with preliminary figures; Polish watchdog fines Raiffeisen unit PLN 50m

HEADLINES: • Moscow Exchange: not paying an interim dividend for 1H18; approves acquisition of a stake in KASE NEGATIVE • Pfleiderer: 2Q18 results - in line with preliminary figures NEUTRAL • Raiffeisen Int.: Polish watchdog fines Raiffeisen unit PLN 50m NEGATIVE • Fourlis: French sports retailer Decathlon entering Greek market NEGATIVE • Getin Noble Bank: takeaways from post-2Q18 meeting with management • Short News (EAT, EUR, PLY, SNN, RO Sovereign Fund)

Research Team

Focus: Magnit’s long-awaited strategy disappoints; Tatneft’s new 2030 Strategy – higher capex is a concern; Piraeus Port Authority – impressive 1H18 results, on track to meet our bullish 2018E; Terna Energy – solid 1H18 results

HEADLINES: • Magnit: long-awaited strategy disappoints • Tatneft: new 2030 Strategy - higher capex is a concern NEGATIVE • Piraeus Port Authority: impressive 1H18 results, on track to meet our bullish 2018E POSITIVE • Terna Energy: solid 1H18 results, broadly in line with our estimates POSITIVE • Prime Car Management: launches strategic options review; no dividend from 2017 net profit NEGATIVE • EME Macro/Strategy: US - optimistic Fed is no guarantee of smooth sailing • Famur: 2019-23E strategy - wrap-up POSITIVE • Famur: may need to pay overdue tax of PLN 22.2m NEGATIVE • Raiffeisen Int.: ...

Research Team

WOOD Morning (30 July)

HEADLINES: * TSKB: 2Q18 wrap-up (in line on the bottom line, but asset quality is a different story) NEGATIVE * NIS: 2Q18 - strong results boosted by last repayment for Srbijagas POSITIVE * O2 Czech Republic: capex to peak in FY18E at over 10% of revenues NEGATIVE * Tauron: to book PLN 388m of net impairments in consolidated 2Q18 report NEGATIVE * Surgutneftegas: strong 2Q18 RAS earnings, RUB 3.4 accrued dividend on preferred shares for 1H18 * Novatek: key takeaways from 2Q18 conference call * AmRest: acquisition of 15 KFC restaurants in France NEUTRAL * Echo Investme...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Rabobank to issue the first Dutch non-preferred

Rabobank (RABOBK) has indicated its intentions to issue a non-preferred senior unsecured bond with a 5yr maturity according to various press sources. The IPTs for the Rabodeal are set at MS +low 70s. The bond is expected to be rated A3/A-/AA- and will thus be better rated than the outstanding French comparables. The bond is expected to be launched in the near future subject to market conditions. (For full story, download report)

ING
Suvi Platerink Kosonen

Raiffeisen Bank International/Green RBI with a decent pickup vs German peers

Raiffeisen Bank International[de] is an Austrian bank with the bulk of its earnings generated in Eastern European countries. The bank's CET1 ratio in 1H18 was 12.8% and the total capital ratio protecting senior debtholders 17.8%. RBI is rated A3/BBB+. The bank issued its inaugural green bond in July and the bond has performed well since its launch. In our view, RBIAV0.25 7/21 offers decent pickup versus German green non-preferred senior comparables.

Expert Corporate Governance Service (ECGS)

Proxy Rapport 21/06/2018

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take this opportunity to voice our concerns regarding the remuneration system currently in place at Raiffeisen Bank International AG which we consider has several shortcomings: The targets for the short-term incentive (STI) have not been adequately disclosed. Likewise, there is no disclosure provided on maximum amounts. Since financial year 2014, there is no long-term incentive (LTI) in place. Benefits in kind and pension provisions are not disclosed separately but included in the fixed and other remunerati...

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