Raiffeisenbank reported a record quarterly profit since 2011. In three months, a subsidiary of Austrian Raiffeisen made $544 million in Russia, more than in all of 2021.
Information on the financial results of Raiffeisenbank is disclosed in the report of its parent company, the Austrian Raiffeisen.
Raiffeisenbank’s net profit in the second quarter of 2022 grew 4.7 times year-on-year and 5.6 times compared to the first quarter of the current year. In three months, the bank earned $544 million, more than in all of 2021. The financial result for the quarter was the bank’s best since 2011.
Raiffeisenbank received a particularly big gain from net interest income, which rose 77% to $401 million, net fee and commission income, up 68.6%. The bank explained the increase in profits in these areas of activity due to the strengthening of the ruble and the monetary restrictions imposed by the Bank of Russia.
The number of Raiffeisenbank clients during the reporting period fell by 800,000 to 2.9 million. In the first quarter, the bank lost 1.4 million clients.
Author:
Kirill Bilyk
Source: RB
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