Raiffeisen Lowers Loan Growth Outlook, Continues Russian Business Review

   By Sarah Sloat 
 

Raiffeisen Bank International AG on Wednesday lowered its outlook on 2022 loan growth, and said it continues to evaluate strategic options for its business in Russia, where it has largely suspended operations.

In the first quarter, the Austrian bank's net profit rose to 442 million euros ($465 million) from EUR216 million. Net interest income rose to EUR986 million from EUR736 million, it said.

Loans grew 1% in the first quarter, and new lending in Russia has largely been stopped. The bank said it now expects expect stable loan volumes in 2022, compared with previous guidance for growth of 7% to 9%.

Raiffeisen is one of the European banks with the most exposure to Russia. It made 33% of its pretax profit in Russia last year. Among the options for its Russian business is an orderly withdrawal, Raiffeisen said. As of earlier this year it had a staff there of more than 9,000 serving 4.3 million customers, mostly individuals and small companies.

Write to Sarah Sloat at [e-mail]

(END) Dow Jones Newswires

May 04, 2022 02:27 ET (06:27 GMT)

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