Semi-annual results 2025: RBI achieves a consolidated profit of EUR 567 million in the core group

Raiffeisen Bank International (RBI) generated a consolidated profit of EUR 567 million in its core group (excluding Russia) in the  first half of 2025 (up 5 per cent compared to the same period in 2024). Net interest income remained virtually unchanged compared with the first half of 2024 despite declining interest rates in most of RBI's markets. Net feeand commission income rose significantly by 9 per cent.  

Loans to customers in the core group rose by 2 per cent compared with the end of 2024 to around EUR 97.5 billion. 

RBI's CET1 ratio excluding Russia was 15.7 per cent at the end of the second quarter of 2025. RBI calculates this ratio based on a worst-case scenario in which it would have to deconsolidate Raiffeisenbank Russia and lose its entire equity. 

"I am satisfied with the semi-annual results in view of the interest rate cuts in the eurozone and our most important market,  the Czech Republic. RBI has once again demonstrated its earnings strength," said RBI CEO Johann Strobl.  

Risk costs and the quality of the loan portfolio developed favorably in the first half of 2025. Risk costs amounted to EUR 108 million. While the number of loan defaults remained at a very low level, RBI increased its risk overlays in the first half of the year in order to respond appropriately to the uncertain macroeconomic environment. The NPE ratio improved to 1.8 per cent in the first half of the year.

"Thanks to the positive development of risk costs in the first half of the year, we can reduce our forecast for the full year. We now expect the provisioning ratio in the core group to be around 35 basis points, whereas we had originally assumed up to 50 basis points," said RBI Chief Risk Officer Hannes Mösenbacher. 

Except for the adjustment to the provisioning ratio, RBI's outlook for the 2025 financial year remains unchanged.

Further business reduction in Russia

RBI continued to reduce its loan portfolio in Russia in the first half of the year and is ahead of the schedule agreed with the ECB. Deposit volumes also declined further. Due to the strong appreciation of the Russian ruble in the first quarter of 2025, this progress is particularly visible in local currency terms. Raiffeisenbank Russia's contribution to the entire group's results was
significantly impacted by the damages awarded by a Russian court to Rasperia Trading Limited, which were deducted from Raiffeisenbank's account with the Russian Central Bank.

Inflation stabilizes, geopolitical uncertainties remain

The first half of 2025 was marked by geopolitical uncertainties, but these had only a minor impact on the mood of economic and financial market players. In the second half of the year, Raiffeisen Research experts expect increased US tariffs to dampen export and economic growth in Europe. In the medium term, the German infrastructure package and rising defense spending
could provide a boost to the economy. The economic outlook for 2025 varies greatly from country to country. While Poland and the countries of the Western Balkans are likely to record significant GDP growth, Austria, Romania, and Hungary remain on the brink of recession. Inflation has stabilized at a high level in most countries in Central and Southeastern Europe. In the eurozone,
inflation has settled close to the ECB’s target. This limits the potential for further interest rate cuts.

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