All figures are based on International Financial Reporting Standards (IFRS).
In 2015, Raiffeisen Bank International AG (RBI) generated a positive profit before tax of € 711 million, after it ended a financial year with a negative consolidated result for the first time in 2014 due to a number of non-recurring effects. Profit after tax was at € 435 million in 2015, while consolidated profit amounted to € 379 million.
With a number of shares of 292.98 million as at 31 December 2015 (previous year: 292.98 million), earnings per share stood at € 1.30.
«A very busy, but also a quite decent year lies behind RBI. We have returned to profitable territory and made good progress in our transformation program. We managed to significantly strengthen our capital ratios and to improve the bank’s risk profile,» said Karl Sevelda, RBI’s CEO.
In 2015, RBI underwent a routine examination by the Austrian Financial Reporting Enforcement Panel. The examination covered RBI’s 2014 consolidated financial statements and its 2015 Semi-Annual Report. The reallocation of charges in the amount of € 124 million led to a revision of the 2014 consolidated loss to € 617 million and consequently these charges are not reflected in the 2015 consolidated financial statements. The total amount of € 124 million consists of two factors: a € 93 million goodwill impairment relating to Raiffeisen Polbank and € 34 million in costs for net provisioning for impairment losses, which also resulted in deferred tax income of € 3 million. The impact of this restatement on the regulatory capital ratios is negligible.
Operating income declined 8 per cent year-on-year, or € 421 million, to € 4.929 million. This was mainly attributable to sharp currency devaluations.
In 2015, net interest income declined 12 per cent, or € 462 million, to € 3.327 million. In addition to the currency effect, the falling market interest rate level in Central and Southeastern Europe, as well as loan defaults occurring in the previous year in Asia, also had a negative impact on the net interest margin (calculated based on interest-bearing assets), which decreased 23 basis points to 3.00 per cent.
The Group’s general administrative expenses fell 4 per cent, or € 110 million, to € 2.914 million during the reporting period, largely attributable to the development of the Russian rouble and Ukrainian hryvnia. The decline was also attributable to the release of bonus provisions totaling € 76 million, following the decision not to pay bonuses for 2014. The cost/income ratio deteriorated 2.6 percentage points to 59.1 per cent due to lower operating income.
Net provisioning for impairment losses declined 28 per cent year-on-year, or € 486 million, to € 1.264 million.
Excluding the transitional provisions as defined in the CRR, the common equity tier 1 ratio (fully loaded) stood at 11.5 per cent and the total capital ratio (fully loaded) was 16.8 per cent.
1 2014 figures restated (please refer to the paragraph: Restatement of prior year financial results for details)