Popular bank may exit Russia

Popular bank may exit Russia

Raiffeisen Bank International AG is evaluating all strategic options for Raiffeisenbank's future in Russia, including an elaborate exit from Raiffeisenbank, according to the group's statement.

The net profit of the Russian Raiffeisenbank (subsidiary of one of the largest Austrian banking groups Raiffeisen Bank International AG) in 2022 increased 4.4-fold to 2.05 bln euro, according to the group's report. A year earlier, Raiffeisenbank's net profit in Russia amounted to 474 mln euro.

In the Q4 of 2022, Raiffeisenbank's net profit amounted to 637 mln euro, which is 19% lower than in the Q3 of 2022.

According to the report, the bank’s assets over the past year increased by 43%, reaching 26.9 bln euro. Customer funds also rose to 20 bln euro (+36% year-on-year), while the bank's loan portfolio decreased by 23% in 2022 to 9 bln euro.