Raiffeisen Bank International Q2 2026 Results
Raiffeisen Bank International (RBI) announced second‑quarter results that exceeded analyst expectations, prompting a 1% rise in the bank’s share price. The pre‑provision operating profit, excluding the Russian business and before negative other results and regulatory charges, increased 10% quarter‑over‑quarter and 9% year‑over‑year, surpassing the consensus estimate by 4%.
Revenue grew 4% quarter‑over‑quarter and 5% year‑over‑year, finishing 1% above consensus. Fee income was a primary driver, climbing 6% from the first quarter and 9% year‑over‑year, beating the consensus forecast by 3%; the increase stemmed from higher clearing, settlement and payment‑service volumes as well as stronger securities and foreign‑exchange business. Net interest income rose 3% quarter‑over‑quarter and 8% year‑over‑year, beating expectations by 1%, while the net interest margin (excluding Russia) improved by one basis point to 2.27%.
Operating expenses were flat versus the prior quarter and rose 2% year‑over‑year, remaining 1% below analyst estimates. Loan‑loss impairment charges, excluding Russia, amounted to €7 million, far below the €75 million consensus figure and the main reason for the earnings beat. The non‑performing exposure ratio held steady at 1.6%, and the coverage ratio improved to 49.2% from 48.7% at the end of March.
Other result, excluding Russia, reached €72 million, 7% above consensus, largely reflecting provisions for Polish foreign‑exchange loan litigation. Regulatory charges, excluding Russia, were €49 million, 21% higher than expectations.
Loans excluding Russia expanded 2% quarter‑over‑quarter and 10% year‑over‑year, while deposits grew 2% quarter‑over‑quarter and 13% year‑over‑year. The CET1 ratio, excluding Russia, improved to 15.5% from 14.9% at the end of March, assuming no price‑to‑book deconsolidation of the Russian business.
Management lowered its return‑on‑equity (ROE) target, excluding Russia, to around 9.5% from roughly 10.5%, citing an increase in operating‑expense guidance to about €3.8 billion from €3.6 billion. The bank raised its fee‑income guidance to approximately €2.2 billion from €2.1 billion, while maintaining net‑interest‑income guidance at roughly €4.4 billion. The long‑term ROE target of more than 13%, excluding Russia and Polish foreign‑exchange loan litigation costs, remains unchanged. Management indicated that an ongoing strategic review could lead to higher targets and that a new strategic plan will be presented at a Capital Markets Day in February 2027.