Raiffeisen, € 599 million profit despite impact from COVID-19

Cristian Hatis 1 Min Read

In the first three quarters of 2020, Raiffeisen Bank International (RBI) generated a consolidated profit of € 599 million.

The negative impact on Raiffeisen from the recession caused by the COVID-19 pandemic is primarily reflected in impairment losses on financial assets in the amount of € 497 million (an increase of € 417 million).

As a result, consolidated profit declined € 276 million year-on-year.

General administrative expenses declined € 81 million year-on-year to € 2,164 million.

Also, net interest income declined € 55 million quarter-on-quarter to € 770 million. In the third quarter, the development was affected by the measures taken due to the pandemic.

General administrative expenses declined € 29 million quarter-on-quarter to € 690 million.

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