Shares of Raiffeisen Bank International AG or RBI (RAIFF.PK,RAIFY.PK) were gaining more than 7 percent in Austria after the company reported higher profit in its first half. The company also lifted its fiscal 2024 net interest income outlook.
For the first half, profit before tax grew to 1.92 billion euros from last year's 1.72 billion euros. Earnings per share improved to 3.87 euros from prior year's 3.59 deuros.
Consolidated profit improved to 1.32 billion euros from last year's 1.24 billion euros. The first-half consolidated profit was 604 million euros, excluding Russia and Belarus and including 391 million euros provisions for CHF and EUR mortgage loans in Poland.
Net interest income was 2.90 billion euros, higher than 2.75 billion euros a year ago. Meanwhile, net fee and commission income dropped to 1.39 billion euros from 1.70 billion euros a year ago.
Core revenues excluding Russia and Belarus was 1.52 billion euros.
Looking ahead, Raiffeisen Bank said the 2024 guidance for RBI including Russia and Belarus has been suspended in light of the accelerated business reduction in Russia.
Excluding Russia and Belarus, the company expects net interest income in around 4.1 billion euros, compared to previously expected around 4 billion euros.
The company continues to expect net fee and commission income around 1.8 billion euros.
In Vienna, Raiffeisen Bank shares were trading at 18.88 euros, up 7.03 percent.
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