Raiffeisen Bank International (RBI) Q2 2026 earnings summary

Executive summary

• Consolidated profit for H1 2026 reached EUR 708 million excluding Russia, up 25% year-over-year, with main revenues increasing 7% and a consolidated RoE of 9.5% excluding Russia.

• CEO outlined strategic priorities: growth in CEE/SEE, SME/mid-market focus, retail engagement, and profitability improvement.

• Technology and AI-driven transformation aims to enhance efficiency, customer experience, and product delivery.

• Strategic review underway, with ambitions and targets to be presented in Q4 and at Capital Markets Day in February.

• Continued rundown and de-risking of Russian operations, with all restrictions in place and efforts to extract trapped equity.

Financial highlights

• H1 2026 net profit: EUR 708 million (excl. Russia); Q2 profit: ~EUR 500 million.

• Net interest income for H1 2026 was EUR 2,187 million, up from EUR 2,073 million in H1 2025; fee income up 10% YoY to EUR 1,111 million.

• Loan growth: 5.7% YTD, with core customer business up 5%; customer loans grew 6% YTD to EUR 107 billion (excl. Russia).

• CET1 ratio (excl. Russia): 15.5% as of June 30, 2026, expected to dip to 14.3% by year-end due to acquisitions.

• Cost/income ratio improved to 52.2% in H1 2026 from 53.7% in H1 2025.

Outlook and guidance

• FY 2026 NII guidance: above EUR 4.4 billion; fee income projected around EUR 2.2 billion.

• General administrative expenses anticipated around EUR 3.8 billion; cost/income ratio forecasted at ~55%.

• Organic loan growth guidance unchanged at 7%; CET1 ratio projected at 14.3% by year-end 2026.

• Risk cost guidance at 35 bps for 2026, with potential to undershoot.

• Medium-term target for consolidated ROE is at least 13%, excluding Russia and certain provisions.