The credit institution announced net losses of €926 million (or $955 million) for the last quarter after the reserve funds of the Russian branch were taken into account. The financial institution also reimbursed €156 million in costs related to Polish lawsuits regarding loans in foreign currency.
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As Bloomberg notes, in his official announcement, CEO Johann Strobl announced the achievement of satisfactory RBI results in 2024, despite significant unforeseen costs. "The successful reduction of business activity in Russia continues," the banker said.
Earlier, the organization reported that by the end of 2024, the volume of loans issued by Raiffeisenbank in Russia decreased by 30% and amounted to €4.2 billion at the end of the year, while deposits decreased by 35%. At the same time, Raiffeisen remains on the list of 13 systemically important banks in Russia today.
Raiffeisen has been striving to leave the Russian market for almost three years now. Recently, in October 2024, the bank successfully completed the sale of its Belarusian branch. Excluding operations in Russia and Belarus, the profitability of the financial institution increased to 128 million euros in the last quarter of 2024.
