RBI: Full year results 2018
- Consolidated profit of EUR 1,270 million (up 14% year-on-year)
- Operating income up 4% year-on-year driven by net interest income and net fee and commission income
- Loans to customers up 4% despite sale of Polish core banking operations
- Disposal of core banking operations in Poland completed on October 31 2018
- CET1 ratio at 13.4% (fully loaded), 85bps positive effect in Q4/2018 from disposal of Polish core banking operations
- Provisioning ratio down to 0.21%, driven by continued write-backs and low new inflows of NPL
- NPL ratio decreased further to 3.8% while NPL coverage ratio improved 10.6PP to 77.6%
- EUR 0.93 dividend per share will be proposed to the AGM on June 13 2019
Income Statement in
EUR million | 1-12/2018 | 1-12/2017 | Change | Q4/2018 |
| Net interest income |
3,362 |
3,225 |
4.2% |
843 |
| Net fee and commission income |
1,791 |
1,719 |
4.2% |
467 |
| Net trading income and fair value result |
17 |
35 |
(52.4)% |
(3) |
| General administrative expenses |
(3,048) |
(3,011) |
1.2% |
(819) |
| Other result |
(161) |
0 |
- |
(74) |
| Levies and special governmental measures |
(170) |
(163) |
4.0% |
(13) |
| Impairment losses on financial assets |
(166) |
(312) |
(46.9)% |
(222) |
| Profit before tax |
1,753 |
1,612 |
8.8% |
166 |
| Profit after tax |
1,398 |
1,246 |
12.2% |
127 |
| Consolidated profit |
1,270 |
1,116 |
13.8% |
97 |
| |
|
|
|
|
Balance Sheet in
EUR million | 31/12/2018 | 31/12/2017 | Change |
|
| Loans to customers |
80,866 |
77,745 |
4.0% |
|
| Deposits from customers |
87,038 |
84,974 |
2.4% |
|
| Total assets |
140,115 |
135,146 |
3.7% |
|
| Risk-weighted assets (total) |
72,672 |
71,902 |
1.1% |
|
| Key ratios | 31/12/2018 | 31/12/2017 | Change |
|
| NPL ratio (non-banks) |
3.8% |
5.7% |
(1.9)PP |
|
| NPL coverage ratio (non-banks) |
77.6% |
67.0% |
10.6PP |
|
| CET1 ratio (fully loaded) |
13.4% |
12.7% |
0.6PP |
|
| Total capital ratio (fully loaded) |
18.2% |
17.8% |
0.3PP |
|
| Key ratios | 1-12/2018 | 1-12/2017 | Change | Q4/2018 |
| Net interest margin (average interest-bearing assets) |
2.50% |
2.48% |
0.03PP |
2.52% |
| Cost/income ratio |
57.5% |
59.1% |
(1.5)PP |
63.3% |
| Consolidated return on equity |
12.6% |
12.2% |
0.4PP |
3.5% |
| Earnings per share in EUR |
3.68 |
3.34 |
0.34 |
0.25 |
| Dividend proposal per share in EUR |
0.93 |
0.62 |
0.31 |
- |
2017 figures have been adjusted to reflect impact from FINREP implementation.
Outlook
We will pursue loan growth with an average yearly percentage increase in the mid-single digit area.
The provisioning ratio for FY 2019 is expected to be around 45 basis points.
We anticipate that the NPL ratio will further reduce.
We aim to achieve a cost/income ratio of around 55 per cent in 2021.
In the coming years we target a consolidated return on equity of approximately 11 per cent.
We seek to maintain a CET1 ratio of around 13 per cent in the medium term.
Based on this target, we intend to distribute between 20 and 50 per cent of the consolidated profit.
For further information please contact:
John P. Carlson, CFA
Group Investor Relations
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
ir@rbinternational.com
phone +43-1-71 707-2089
www.rbinternational.com
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