RBI: Semi-Annual Financial Report 2026 | Consolidated profit (excl. Russia) up 25 per cent

Raiffeisen Bank International (RBI) generated a consolidated profit of EUR 708 million in its core group (excluding Russia) in the first half of 2026. This represents an increase of 25 per cent compared to the same period of the previous year. Net interest income rose 6 per cent to EUR 2,187 million compared to the first half of 2025. Net fee and commission income increased significantly 10 per cent to EUR 1,068 million.

Loans to customers in the core group increased 6 per cent to EUR 107 billion compared to the end of 2025.

“We achieved a very good result in the first six months of the year and successfully launched important M&A projects. In the coming months, we will work intensively on our new strategy, which will have a clear focus on growth and profitability,” said RBI CEO Michael Höllerer.

CET 1 ratio of 15.5 per cent

RBI 's common equity tier 1 (CET1) ratio, excluding Russia, was 15.5 per cent at the end of the first half of 2026. In calculating this figure, RBI assumes a worst-case scenario in which it has to deconsolidate Raiffeisenbank Russia and  loses its entire equity in the process.

“RBI has a strong capital base, which provides the flexibility for further growth in the coming years,” commented RBI Chief Financial Officer Kamila Makhmudova.

Forward-looking risk policy

The quality of the loan portfolio remains excellent with an NPE ratio of 1.6 per cent at the end of the second quarter of 2026. Risk costs in the core group amounted to EUR 110 million in the first half of 2026, remaining at a similar level to that of the comparable period.

“The stability of our loan portfolio confirms the sustainability of our risk policy. Despite a continuing volatile environment, our NPE ratio has been at an all-time low since the first quarter of 2026. At 20 basis points, risk costs remained moderate in the first half of the year,” explained RBI Chief Risk Officer Hannes Mösenbacher.

Good progress on M&A projects

The two M&A projects announced by RBI in the first half of the year are progressing according to plan. RBI announced on Wednesday that, as of 5:00 p.m. on 29 July 2026, it had received acceptance notices for a total of 10,831,435 Addiko shares and that the minimum acceptance threshold for the offer had been exceeded. For further details, please refer to the IR release dated 29 July at 5:30 p.m. Once the final results are published, the next phase can begin. Supervisory approval and merger clearance will be sought in the coming months. In parallel, there is a three-month additional acceptance period for the offer. Shareholders who have not yet accepted RBI’s offer can still do so during the additional period.

The approval process for the acquisition of BBVA Garanti in Romania is progressing well. Closing is expected in early October, and integration steps are already being planned.

Outlook 2026

The following guidance refers to RBI excluding Russia:

• In 2026, net interest income is expected above EUR 4.4 billion and net fee and commission income around EUR 2.2 billion.
• RBI expects general administrative expenses around EUR 3.8 billion, resulting in a cost/income ratio of around 55 per cent.
• The provisioning ratio is expected to be up to 35 basis points.
• The consolidated return on equity is expected to be around 9.5 per cent in 2026.
• RBI expects loans to customers to grow by around 7 per cent (excluding acquisitions).
• At year-end 2026, RBI expects a CET1 ratio of around 14.3 per cent* (including announced acquisition projects). 

In the medium term, RBI aims to achieve a consolidated return on equity of at least 13 per cent excluding Russia and excluding provisions and legal cost for foreign currency loans in Poland.

*In a ‘P/B Zero‘ Russia deconsolidation scenario.

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