Raiffeisen Bank Hungary profit exceeds HUF 36 bln in 2021
Raiffeisen Bank Hungary closed a successful 2021, achieving a profit of more than HUF 36 billion, up about 150% compared to 2020, the company tells the Budapest Business Journal.
The bank says that the ongoing Russo-Ukrainian war has no direct impact on its operations.
"We closed a fantastic year, Raiffeisen Bank Hungary achieved a profit of more than HUF 36 billion in 2021, which is unique in its history and represents an increase of 150% compared to the previous year," said György Zolnai, CEO of the bank.
The loan-to-deposit ratio stood at 56% at the end of last year. Return on equity doubled to 15%. The capital adequacy ratio was 22.43%, well above the regulatory expectation.
The bank says that interest in personal loan and mortgage products, including state-subsidized products, remained strong.
Raiffeisen Bank Hungary achieved above-market growth in retail lending as well. The bank introduced a number of new digital developments during the pandemic period, resulting in a significant increase in the number of digital solutions used by customers, such as the instantly accessible video banking solution RaiConnect. The bank also saw a significant increase in its share of online account openings.
On the corporate side, the bank continues to be a leader in the provision of export, structured and treasury services and financing, NHP and Széchenyi schemes. Revenues in this sector grew by almost 30%.
Johann Strobl, CEO of Raiffeisen Bank, said at an investor briefing on Tuesday evening that he did not see any scenario in which the group's interest in Russia could even become loss-making, and that no exit was planned.
Raiffeisen's subsidiary in Russia is operating at near full capacity, taking into account the sanctions. In Ukraine, basic operations are ensured even in conflict zones.
The bank's staff in Hungary are not affected by the conflict but are monitoring events and coordinating assistance in Nyíregyháza and Debrecen, Raiffeisen says.
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