How the Austrian group earns in Russian business
Despite the sanctions, Raiffeisenbank continues to generate more than half a profit for the Raiffeisen Bank International (RBI). According to the results of the first quarter of 2025, this share amounted to 56% of the total profit of RBI. This is a record since the beginning of 2022. Despite the statements of turning the business in the Russian Federation against the background of the pressure of European regulators, for three years, the assets of Raiffeisenbank have not been reduced, the number of customers remain at the level of 3.1 million, and the number of employees decreased by only 10%during this time.
On May 6, RBI revealed reports on international standards for the first quarter of 2025. According to it, the profit of the Russian business of the group – the main asset of Raiffeisenbank – in the first quarter amounted to € 425 million, which is 30.9% higher than the result of 2024. In the total profit of RBI (€ 763 million), the share of Russia amounted to 56%. This is the maximum indicator since the beginning of 2022. At the same time, from the third quarter of 2023, this share is constantly growing, having increased since then from 45% to 56%.
Such dynamics is observed despite the fact that the group again confirmed their intentions to leave the Russian market. In the comments on the reporting, RBI noted that the reduction in the business is a leading pace, however, due to the significant strengthening of the ruble in the first quarter, the process is noticeable only in local currency. In the first quarter of 2025, in rubles, the loan portfolio decreased by 4%, and customer deposits – by 9%.
However, on the horizon of three years – since the imposition of sanctions – the RBI business has not decreased so significantly. “Kommersant” analyzed the reports of the group since 2022. The assets of Raiffeisenbank according to the results of the first quarter of 2025 amounted to 19.6 billion rubles. Against 19.9 billion rubles. In the first quarter of 2022. The number of customers for three years remains at the level of 3.1 million, and the number of employees decreased by only 10% during this time (at the beginning of 2022 – 9663 people, at the beginning of 2025 – 8746 people).
The bank with the most limited functionality of offers for customers generates constantly high profits for the group primarily due to interest income. Participants in the banking market in an informal conversation explain this by the fact that Raiffeisenbank « places a giant excess liquidity in the Central Bank at a high rate (21%) and receives high income. » Also, « many banks not disconnected from SWIFT have earned well on a significant (sometimes several times) increase in commissions on operations in the field of foreign economic activity of customers. » “High loan rates also brought large income banks,” says Vladimir Gamza, chairman of the Council of the Chamber of Commerce and Industry of Russia for financial, industrial and investment policy.
Do not forget that Raiffeisenbank has a powerful brokerage business and manages the assets of wealthy customers, « there are good commissions from operations and portfolios. » Another article of the bank’s income is settlements for legal entities. “The bank is almost the main channel for transferring funds to the West, including for transactions for the purchase of foreign assets. Money often went through Raiffeisen Russia directly to accounts in Raiffeisen Austria, ”Kommersant’s interlocutors from among bankers.“ Commission for such operations is a significant part of the revenue ”.
As for the bank’s strategy to an exit or new entrance, the source also recalls that the Russian bank is in fact remain an important player in the Russian -Wallness. This is rather not turning, but reorientation and optimization. So, despite international pressure, Raiffeisenbank is still in Russia and continues to earn well, market participants are sure.
