Raiffeisen Bk Intl Ag Ord (RAIFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Please stand by, we're about to begin. Good afternoon, ladies and gentlemen, and welcome to the Q2 2025 conference call of a Fison Bank International. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Johann Strobl, Chief Executive Officer. Please go ahead, sir. Thank you very much. Good afternoon, ladies and gentlemen. Thank you for taking time out. Thank you for joining us for our Q2 update. We can report a consolidated profit of €567 million for the first half of the year in the core of the group excluding Russia. This translates to a return of equity of 8.1%. Our CD1 ratio excluding Russia stands at 15.7%. If we were to have to deconsolidate Russia at the end of June with a zero recovery on the equity. In the figures above, you can see the impact of the claim to recognition in Russia in the second quarter announced last week, which I will touch upon shortly. The consolidated RE for the group here is annualized with this claim to recognition considered in the first half year only. Launch to customers continue to grow, and the first half of the year has been successful with good volumes in retail for personal loans and mortgages, with corporate business showing signs of life. Main revenues are stable in the comparable period, while fee income continues to show positive developments. OPEX inflation, on the other hand, is visible year on year, resulting in a cost-to-income ratio of 53.7% for the core group Mainly driven by staff expenses. Moving to our slide on Russia and starting with the business rundown, which continues as expected. Our loan book in Russia has shrunk by 9% in ruble terms since the beginning of the year, and I can confirm that we are ahead of schedule here. Deposits have also started to shrink, also...