VIENNA (Reuters) -Raiffeisen Bank International's (RBI) profit after tax fell 10.7% to 318 million euros ($360 million) in the first quarter, the Austrian lender said on Tuesday, citing higher
RBI's Q1 Earnings Decline Due to Increased Costs and Risks
VIENNA (Reuters) -Raiffeisen Bank International's (RBI) profit after tax fell 10.7% to 318 million euros ($360 million) in the first quarter, the Austrian lender said on Tuesday, citing higher provisions for loan defaults and higher administrative costs.
The quarterly figure, which did not include its business in Russia and Belarus, came in above average analysts' expectations of 305 million euros.
RBI is the biggest Western bank still operating in Russia. It is planning to sell its business there but has struggled to obtain regulatory clearance from Moscow.
"We keep working on a sale of our Russian subsidiary and are talking to several interested parties. It remains to be seen whether geopolitical developments will facilitate the exit from Russia," RBI CEO Johann Strobl said.
Strobl said the bank had managed to further strengthen its equity buffer, preparing it "for any scenario in Russia".
The bank confirmed its full-year outlook.
($1 = 0.8839 euros)
(Reporting by Alexandra Schwarz-Goerlich, Writing by Rachel More and Bernadette HoggEditing by Ludwig Burger)
