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FINANCIALS: Raiffeisen: Positive Results, Improving Clarity. Volatile Situation.

FINANCIALS

Raiffeisen Bank (RBIAV: A1) 2Q24 headlines look positive with better clarity of guidance around results ex-Russia & Belarus, alongside a nominal loan loss and profit beat. With those country exits the key deltas for spreads, we view this as positive news but do note spreads have outperformed a little over the last month, albeit have been big underperformers since last results (when there was a 69bp move wider on the day). A high volatility situation.

  • “*RAIFFEISEN 2Q LOAN-LOSS PROVISION EU23.0M, EST. EU88.5M
  • *RAIFFEISEN SEES FY RISK COSTS EX-RUSSIA, BELARUS AT ABOUT 35BPS
  • *RAIFFEISEN SAYS IT'S ACCELERATING REDUCTION OF RUSSIA BUSINESS
  • *RAIFFEISEN SAYS IT'S STILL WORKING ON SALE OF RUSSIAN UNIT
  • *RAIFFEISEN 2Q NET INCOME EU661M, EST. EU484.3M
  • *RAIFFEISEN STILL SEES FY ROE EX-RUSSIA, BELARUS AT ABOUT 10%” - BBG

Conf call is 1301 (London time) at: https://event.webcasts.com/starthere.jsp?ei=1643453&tp_key=201c2397db

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