Raiffeisen Bank stock: 9M profit excluding Russia rises 10% to EUR 1.127 billion

Raiffeisen Bank stock traded at 60.08 euros on Lang & Schwarz at 11:17 CET on Monday, November 9, 2.26 percent above the Xetra close of Friday, November 6. The move follows Raiffeisen Bank International's nine-month update, which showed stronger core earnings and progress on its regional expansion.

RBI reported the results on November 3. In its nine-month results release, the bank said consolidated profit excluding Russia rose 10 percent year over year to EUR 1,127 million. Main revenues increased 8 percent to EUR 4,971 million, with net interest income up 7 percent to EUR 3,347 million and net fee and commission income up 10 percent to EUR 1,624 million.

Core banking momentum remains intact

Customer loans in RBI's core group increased 8 percent from the end of 2025 to EUR 109 billion. The provisioning ratio excluding Russia was 19 basis points for the first nine months, while the non-performing exposure ratio stood at 1.5 percent at the end of the third quarter. RBI reported a common equity tier 1 ratio of 15.4 percent excluding Russia.

Chief Executive Michael Höllerer said the bank had completed three strong quarters and that its core business was performing well. He also pointed to progress on the Garanti BBVA Romania acquisition and the planned takeover of Addiko Bank. The company said it had secured a legally binding claim for damages of EUR 3.15 billion in the Rasperia litigation, while the legal process remains a separate factor for investors.

Romanian acquisition expands the platform

RBI announced on November 3 that its Romanian subsidiary had completed the purchase of 100 percent of Garanti BBVA Group Romania from BBVA subsidiaries. The transaction includes Garanti Bank Romania and leasing company Motoractive IFN. RBI said the business would be consolidated from November 2 and that the transaction would reduce the group's CET1 ratio excluding Russia by approximately 60 basis points in the fourth quarter.

RBI expects the Romanian subsidiary to become the country's third-largest bank by total assets based on first-half 2025 market shares, serving approximately 2.6 million customers. The acquisition adds scale in a core Central and Eastern European market, but the capital effect will weigh on the group's ratio in the near term.

2026 outlook includes further deals

RBI raised its 2026 net interest income outlook to above EUR 4.5 billion and expects net fee and commission income of around EUR 2.2 billion. The bank guides for administrative expenses of around EUR 3.9 billion, a cost/income ratio of around 55 percent and a provisioning ratio of up to 35 basis points. It targets a consolidated return on equity of around 13 percent and customer-loan growth of around 9 percent excluding acquisitions.

The outlook includes Garanti and assumes regulatory approval and settlement of the Addiko transaction in the fourth quarter. RBI said its medium-term target is a consolidated return on equity of at least 13 percent excluding Russia, certain Polish foreign-currency loan costs and Rasperia litigation costs.

RBI's 2026 earnings trajectory, capital position and execution of its acquisition program remain the main factors for investors. The stronger core result supports the operating case, while Russia-related legal exposure and the capital impact of acquisitions continue to shape the risk profile.

Austria's ATX market environment provides the broader backdrop for the Vienna-listed bank.

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