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RBI results below previous year, no dividend

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Staff writer ▼ | March 26, 2015
Raiffeisen Bank International (RBI) ended the reporting year with a positive profit before tax of €23 million. The operating result in the amount of €2.332 million was marginally below the previous year's level, with a decline of 2 per cent year-on-year.
RBI
Raiffeisen Bank International   The decline in profit
The decline in profit before tax of €812 million to €23 million was primarily attributable to a number of one-off effects: A legislative change in Hungary entailed a one-off effect with a negative impact of €251 million on the Group's results.

At the same time, €533 million in net provisioning for impairment losses was required in Ukraine, which was thus €412 million above the previous year's level. Goodwill impairments totaling €306 million were required for Group units in Russia and Poland as a result of lower medium-term earnings expectations, and in Albania due to a change in the discounting factor.

The Group's loss after tax was €463 million – not least due to impairments recognized on deferred tax assets in the amount of €196 million owing to a tax planning revision at Group head office and in Asia.

Taking profit attributable to non-controlling interests into account, which decreased €16 million to minus €30 million, the Group had a consolidated loss of €493 million for the year.

Due to the negative result, RBI AG will not distribute a dividend on shares and on participation capital for the financial year 2014.


 

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