RBI – Additional Insights H1/2013 Results RBI – Additional Insights

RBI – Additional Insights
H1/2013 Results
Q1/2015
Results
Disclaimer
Certain statements contained herein may be statements of future expectations and other forward-looking statements, which are based on management's current views and assumptions and involve known and
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forward-looking statement can be guaranteed. Undue reliance should not be placed on these forward-looking statements. Many factors could cause our results of operations, financial condition, liquidity, and the
development of the industries in which we compete, to differ materially from those expressed or implied by the forward-looking statements contained herein.
These factors include, without limitation, the following: (i) our ability to compete in the regions in which we operate; (ii) our ability to meet the needs of our customers; (iii) our ability to leverage synergies from
acquisitions, cost reduction programs or other projects; (iv) uncertainties associated with general economic conditions particularly in CEE; (v) governmental factors, including the costs of compliance with regulations
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Figures shown in the presentation are based on figures disclosed in the annual report as well as the unaudited interim reports of RBI. However, figures used in this document have been rounded, which could result in
percentage changes differing slightly from those provided in such reports.
We have exercised utmost diligence in the preparation of this presentation. However, rounding, transmission, printing, and typographical errors cannot be ruled out. We are not responsible or liable for any omissions,
errors or subsequent changes which have not been reflected herein and we accept no liability whatsoever for any loss or damage howsoever arising from any use of this document or its content or third party data
or otherwise arising in connection therewith.
Group Investor Relations
21 May 2015
2
Overview Segment CE
Operating Income Split by Country (1-3/2015)
Strategic Initiatives
 Implement reviewed business model in Hungary by adjusting strategy, size and
costs
 Further enhancement of existing prime relationships with corporate, affluent
customers and primary customers to increase share-of-wallet
 Broadening of retail customer base in Slovakia with “Raiffeisen” as second
brand and branch-out
 Ongoing proactive cost management (lean management project across
operations in order to optimize processes)
 Lending with focus on prime customer relationships with cross-selling potential
(e.g. Cash Management, Capital Markets & Investment Banking)
 Focus on alternative distribution channels and service excellence programs
Hungary
24%
Slovakia
43%
Czech
Republic
33%
Total: EUR 272 mn
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
272
244
11.1%
272
259
4.8%
(150)
(172)
(12.8)%
(150)
(150)
(0.2)%
Operating result
122
73
67.4%
122
109
11.6%
Net provisioning for imp. losses
(22)
(117)
(81.3)%
(22)
(40)
(45.0)%
Other results
(38)
6
−
(38)
(40)
(3.9)%
62
(38)
−
62
30
107.1%
Net interest margin (%)
2.79%
2.89%
(10)BP
2.79%
3.18%
(39)BP
RoE before tax (%)
14.6%
–
–
14.6%
5.2%
9.4PP
Operating income
General admin. expenses
Profit/loss before tax
Group Investor Relations
 Operating income increased by EUR 12 mn: Net interest income down
EUR 7 mn (down in Hungary and Slovakia, up in Czech Republic) due to lower
interest income from financial investments and derivatives and 39 BP NIM
reduction; net fee and commission income up EUR 6 mn; net trading income
up EUR 9 mn (valuation gains on currency-based derivatives in Hungary and
Czech Republic); sundry net operating income improved EUR 4 mn due to
releases of other provisions in Hungary and Slovakia
 General administrative expenses remained stable
 Net provisioning for impairment losses improved by EUR 18 mn: in Czech
Republic (down EUR 7 mn due to sale of a fully provisioned loan), in Hungary
(down EUR 4 mn for retail), in Slovakia (down EUR 7 mn for corporates and
retail)
 Other results up EUR 2 mn to minus EUR 38 mn driven by special effect of plus
EUR 9 mn in Hungary related to new government package, EUR 4 mn lower
bank levy in Slovakia
21 May 2015
3
Overview Segment SEE
Operating Income Split by Country (1-3/2015)
Strategic Initiatives
 Selective underwriting in Corporate and Retail
Kosovo
Albania 4%
8%
Bosnia a.
Herzegovina
9%
 Foster digitalization of the overall bank communication, data sharing and
customer management in Romania
Romania
36%
 Cost efficiency and optimization of branch network
Serbia
11%
 Centralization of services and process optimization to enhance productivity
Bulgaria
13%
 Further strengthening of primary relationships with premium retail and
corporate clients while increasing cross-selling efforts
Croatia
19%
Total: EUR 295 mn
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
295
310
(4.8)%
295
318
(7.1)%
(159)
(188)
(15.7)%
(159)
(163)
(2.7)%
Operating result
136
122
12.1%
136
155
(11.8)%
Net provisioning for imp. losses
(41)
(77)
(46.6)%
(41)
(63)
(34.5)%
Other results
(6)
3
−
(6)
2
−
Profit/loss before tax
89
48
84.3%
89
94
(4.6)%
Net interest margin (%)
3.83%
4.17%
(34)BP
3.83%
4.30%
(47)BP
RoE before tax (%)
21.4%
9.1%
12.4PP
21.4%
16.1%
5.3PP
Operating income
General admin. expenses
Group Investor Relations
 Operating income down EUR 22 mn: Net interest income decreased
EUR 16 mn in nearly all countries, NIM declined 47BP; net fee and commission
income up EUR 5 mn, primarily volume and margin-driven increase; net trading
income down EUR 5 mn (mainly in Romania and Croatia); sundry net
operating income down EUR 6 mn (lower net income from non-banking
activities in Romania and insurance business in Croatia)
 General administrative expenses down EUR 4 mn: mainly in Romania (down
EUR 2 mn, lower staff, security and advertising expenses) and in Bulgaria (down
EUR 2 mn, lower depreciation and several other administrative expenses)
 Net provisioning for impairment losses improved EUR 22 mn, mainly in
Bulgaria (down EUR 10 mn, impairment of collateral in Q1/2014), Romania
(down EUR 9 mn, improved risk profile for PI) and Croatia (down EUR 6 mn on
corporates and PI)
 Other results down EUR 8 mn driven by special effects in Croatia and Serbia
related to foreign currency loans (negative effect EUR 9mn)
21 May 2015
4
Overview Segment EE
Operating Income Split by Country (1-3/2015)
Strategic Initiatives
 Further RWA reduction of ~20% in Russia over three years and footprint
optimization program reducing presence from 65 cities across Russia to 44 at
end-2015 (downsize and development of top locations); flattening and
reducing HO structures for Retail and Corporate business;
87%
24%
(12.0)%
Russia
Belarus
 Optimization of the currency composition of the capital via Tier 2 injection in
USD and dividend in RUB; optimization of the Corporate portfolio by shifting to
ruble and focusing on best customers in the industry; exit from car financing
business
 Further RWA reduction in Ukraine, of at least 30% by 2017; RWA reduction to be
accompanied by reduction in cost base and infrastructure; new centralized
operational model and footprint reduction but remain Top 3 in regional
network; large scale conversion of USD legacy portfolio into UAH
Ukraine
Total: EUR 289 mn
 Strict RWA management in Belarus
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
289
315
(8.3)%
289
398
(27.5)%
(130)
(164)
(20.5)%
(130)
(191)
(31.8)%
159
152
4.8%
159
208
(23.5)%
(134)
(247)
(45.9)%
(134)
(119)
12.8%
Other results
59
5
>500.0%
59
42
41.4%
Profit/loss before tax
84
(91)
−
84
131
(35.7)%
Net interest margin (%)
6.39%
6.95%
(57)BP
6.39%
6.34%
5BP
RoE before tax (%)
20.6%
–
–
20.6%
20.5%
0.1PP
Operating income
General admin. expenses
Operating result
Net provisioning for imp. losses
Group Investor Relations
 Operating income down EUR 110 mn: Net interest income down EUR 55 mn
caused by decreased interest income in Ukraine and Russia (FX-driven), while
net interest income in Belarus increased due to higher volumes and margins;
overall NIM up 5BP; net fee and commission income down EUR 21 mn (FXdriven); net trading income declined EUR 19 mn, mainly from higher valuation
losses from open FX positions in Ukraine, partly offset by FX gains in Belarus
 General admin. expenses down EUR 61 mn mainly from FX devaluation
in Ukraine and Russia
 Net provisioning for impairment losses increased: EUR 23 mn higher loan loss
provisioning in Russia due to continuing adverse movements in retail division; in
Ukraine down EUR 11 mn, FX-driven; Belarus up EUR 4 mn (volume-driven)
 Other results up EUR 17 mn: Net income from fin. investments up EUR 38 mn
due to valuation gains on securities in FV portfolio (Ukraine up EUR 21 mn,
Russia up EUR 16 mn), net income from derivatives down EUR 21 mn in Russia
from valuation of IRS deals and portfolio FV hedge
21 May 2015
5
Overview Segment Group Corporates
Exposure by Region (1-3/2015)
Strategic Initiatives
 Strategic, group-wide client account planning to ensure extensive and fully
integrated servicing of prime corporate customers to increase share-of-wallet
Asia Other
2% 5%
North
America
2%
Europe Other
7%
 Emphasis on funding and capital light products (e.g. corporate bond issues,
treasury products, cash management) and increase share of marketable and
liquid assets
CEE
12%
 Increase efficiency in distribution of Group products (e.g. project finance, real
estate finance, export finance, cash management)
Austria
50%
 Foster knowledge transfer regarding best practice customer relationship
management and product development
European
Union (excl.
Austria)
22%
 Continuous optimization of processes and focus on cost efficiency
Total: EUR 28.0 bn
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
98
108
(9.3)%
98
115
(15.1)%
(32)
(27)
15.6%
(32)
(32)
(0.2)%
66
81
(17.8)%
66
84
(20.7)%
(47)
(53)
(12.1)%
(47)
(28)
65.6%
Other results
(4)
(1)
184.0%
(4)
(1)
180.4%
Profit/loss before tax
16
26
(39.4)%
16
54
(70.9)%
1.91%
1.51%
40BP
1.91%
1.57%
34BP
5.7%
5.9%
(0.2)PP
5.7%
13.7%
(8.0)PP
Operating income
General admin. expenses
Operating result
Net provisioning for imp. losses
 Operating income down EUR 17 mn: Net interest income up EUR 2 mn; net fee
and commission income declined by EUR 19 mn mainly due to a shift in head
office from fee income to net interest income and lower fee income due to
reduction from bond issues, real estate financing, export financing and
investment financing, but higher fee income from cash management and
capital markets sales; net trading income down EUR 1 mn resulting from
interest-based derivatives in head office
 Net provisioning for impairment losses up EUR 19 mn as loans to large
corporates (in region Donetsk) caused higher individual loan loss provisioning
 Other results down EUR 2 mn due to higher bank levy in this segment
Net interest margin (%)
RoE before tax (%)
Group Investor Relations
21 May 2015
6
Overview Segment Group Markets
Exposure by Region (1-3/2015)
Europe Other
North
Other
1%
America
1%
3%
CEE
5%
Asia
6%
Austria
33%
Strategic Initiatives
 Provide reliable and high-quality services to corporates, institutional clients and
retail customers following a conservative and customer-oriented business
approach
 Strengthen investment banking offering by broadening debt-to-equity
continuum (incl. DCM, ECM, M&A, ABF, Loan Syndication) and providing
capital efficient products to clients across RBI’s core region
European
Union (excl.
Austria)
51%
 Further improve client coverage model for non-bank financial institutions
 Continue conservative trading strategy focused on market making/supporting
RBI's customer business with efficient use of capital
 Keep strict resource discipline across all activities by streamlining processes
and increasing efficiency in distribution and product delivery
Total: EUR 27.6 bn
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
79
92
(13.9)%
79
86
(7.9)%
(58)
(56)
4.5%
(58)
(62)
(5.9)%
Operating result
21
36
(42.4)%
21
24
(13.0)%
Net provisioning for imp. losses
(1)
(2)
(26.8)%
(1)
2
−
Other results
(7)
(7)
(6.7)%
(7)
(4)
66.3%
Profit/loss before tax
13
27
(53.0)%
13
22
(41.5)%
0.97%
0.95%
2BP
0.97%
1.09%
(12)BP
9.6%
17.9%
(8.3)PP
9.6%
9.8%
(0.3)PP
Operating income
General admin. expenses
Net interest margin (%)
RoE before tax (%)
Group Investor Relations
 Operating income down EUR 7 mn: Net interest income down EUR 12 mn
resulting from prevailing market development (overliquid market with a flat
interest rate environment); net fee and commission income down EUR 2 mn
due to lower turnover from capital market transactions; net trading income up
EUR 8 mn resulting from valuation losses on guarantee products in Q1 2014
 General administrative expenses down EUR 4 mn
 Net provisioning up EUR 3 mn due to non-performing loans of some financial
institutions
 Other results down EUR 3 mn, resulting from higher bank levy (up EUR 5 mn)
and lower results from valuation of FV-securities, partly offset by higher income
from derivatives due to interest development
21 May 2015
7
Overview Corporate Center
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
Operating income
212
123
72.2%
212
125
69.7%
General admin. expenses
(79)
(61)
30.6%
(79)
(72)
9.8%
Operating result
132
62
112.8%
132
52
152.3%
Net provisioning for imp. losses
(3)
(6)
(55.6)%
(3)
(8)
(69.0)%
Other results
28
(319)
−
28
(59)
−
157
(263)
−
157
(15)
−
Profit/loss before tax
 Operating income up EUR 87 mn: Net interest income significantly improved
(up EUR 125 mn) due to higher group-internal dividends; net trading income
declined EUR 45 mn deriving from a valuation loss of the RUB dividend hedge
(valuation loss of RUB forward deals)
 General administrative expenses up EUR 7 mn due to the new resolution fund
(started in 2015)
 Net provisioning for impairment losses down EUR 6 mn due to lower allocations
for special customers in head office
 Other results up EUR 87 mn to EUR 28 mn due to:
 Valuation on derivatives and liabilities improved EUR 76 mn to EUR 45 mn
 Bank levy in this segment amounted to EUR 11 mn, down EUR 6 mn
Following business areas are managed and reported in Corporate Center:
 The expenses related to the shared group wide service and control function of
the head office in the areas: risk management, finance, legal, funding, capital
and asset-liability-management (ALM), information technology, human
resources
 The results from participation management related to dividends received and
funding of network units
 Net income from financial investments down EUR 9 mn
Note:
Starting with 31/12/2014 the goodwill impairment is allocated to the segment
in which the controlling entity is reported. Furthermore the individual
impairments of equity investments are eliminated at segment level as well as
group level in order to depict the group relevant effects in the respective
segment. Prior year figures have been adapted accordingly
 The results from head office treasury that are not allocated to regional or
functional segments from ALM as well as liquidity and liability management
 The result of businesses with special customers
Group Investor Relations
 Net income from disposal of group assets up EUR 14 mn to EUR 3 mn –
negative impact in previous year resulted from sale of ELSNER Group (EUR
11 mn)
21 May 2015
8
Overview Segment Non-Core
Operating Income Split by Country (1-3/2015)
Description
 Due to the decision to rescale and/or exit certain markets a Non-Core
segment was formed starting with Q1/2015
Slovenia Zuno
4%
2%
USA
6%
 The following countries/units have been reported in the new segment:
Asia
21%
 Poland, Slovenia, Zuno (previously in Central Europe (CE) segment) and in
Coporate Center (CC)
 Asia, USA (previously in Group Corporates/Markets segments)
Poland
67%
Total: EUR 152 mn
Financials
in EUR mn
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
152
129
17.8%
152
169
(10.2)%
(105)
(103)
2.3%
(105)
(113)
(6.6)%
47
26
78.4%
47
56
(17.4)%
(16)
(135)
(88.3)%
(16)
(25)
(36.3)%
Other results
(1)
(0)
114.1%
(1)
(0)
>500.0%
Profit/loss before tax
30
(109)
−
30
31
(5.4)%
2.07%
1.79%
28BP
2.07%
2.38%
(31)BP
8.2%
–
–
8.2%
7.0%
(1.2)PP
Operating income
General admin. expenses
Operating result
Net provisioning for imp. losses
Net interest margin (%)
RoE before tax (%)
Group Investor Relations
 Operating income down EUR 17 mn: Net interest income down EUR 24 mn,
mainly caused in Asia due to higher share of NPLs and in Poland (lower
reference rates); increase in net trading income (up EUR 8 mn) mainly driven
by FX revaluation in Asia
 General administrative expenses decreased EUR 7 mn due to lower expenses
mainly in Poland (staff expenses, IT expenses and legal, advisory and
consulting expenses)
 Net provisioning for impairment losses down EUR 9 mn – reduction in Poland
and Asia whereas increase in Slovenia due to additional individual loan loss
provisions
 No restructuring expenses have been recognized in Q1
21 May 2015
9
Reconciliation
Financials
in EUR mn
Operating income
General admin. expenses
Operating result
Net provisioning for imp. losses
Other results
Profit/loss before tax
Commentary on Financials (y-o-y)
Q1/2015
Q4/2014
q-o-q
Q1/2015
Q1/2014
y-o-y
(277)
(103)
169.8%
(277)
(125)
121.7%
22
42
(47.0)%
22
28
(20.1)%
(255)
(61)
317.0%
(255)
(98)
161.9%
3
4
(29.1)%
3
(1)
–
(10)
(22)
(54.1)%
(10)
(8)
26.5%
(263)
(79)
231.6%
(263)
(106)
147.4%
 Operating income was mainly affected by net interest income reconciliation
increase due to higher intra-group dividends
 General admin. expenses reconciliation was flat
 Net provisioning for impairment losses was flat
 Other result was flat
Following items are reported in Reconciliation:
 Reconciliation comprises consolidation adjustments to reconcile segments with
group results
 The financials of the reportable segments are shown after intra-segment items
have been eliminated. However, the inter-segment items are consolidated
and eliminated in the column “Reconciliation”
 The main consolidation bookings carried out between segments are
dividend payments to the head office, inter-segment revenues charged and
expenses carried by the head office
Note:
Starting with 31/12/2014 the goodwill impairment is allocated to the segment in
which the controlling entity is reported. Furthermore the individual impairments
of equity investments are eliminated at segment level as well as group level in
order to depict the group relevant effects in the respective segment.
Prior year figures have been adapted accordingly
 All other consolidation bookings that reconcile the totals of reported segment's
profit or loss with the RBI group financials are also eliminated in the
reconciliation
 Offsetting of Intra-group charges resulting in a reduction of operating income
and general admin. expenses in the reconciliation
Group Investor Relations
21 May 2015
10
Bond Maturity Profile
Bond maturity profile at end of March 2015 (in EUR mn)
2,076
33
373
1,506
245
1,448
61
1,331
22
86
472
1,477
523
424
1,045
668
879
1,671
288
555
495
962
702
816
666
640
324
120
2015
2016
2017
2018
2019
270
482
2020
2021
500
54
19
33
30
51
Senior public placements
Group Investor Relations
512
1,044
2022
1
2023
Senior private placements
21 May 2015
233
2024
5
7
37
2025
Subordinated
101
2026
Other
162
52
25
2027
2028
20
40
2029
70
20
2030
20
10
62
>2030
Supplementary
11
Overview of Bank Levies and Impact
on RBI
Impact on RBI
FY 2014 (EUR mn)
Q1 2015 (EUR mn)
FY 2015E (EUR mn)
Austria
Bank levy based on balance sheet size
and derivatives since January 2011; bank
tax base changed in 2014 to balance
sheet total (excluding derivatives)
90
311,2
~1262
Hungary
Bank levy introduced in autumn 2010 (in
Q2 2013 one-off contribution to special
financial transactions tax)
60
39
~39
Slovakia
Bank levy of 0.4%, broadened to all
deposits in July 2012
26
4
~17
Slovenia
Introduction of bank levy of 0.1% of total
assets (with certain exceptions) in July
2011
1
0
<1
177
74
~183
Total
1) Majority of bank levies (EUR 11 mn) booked in Corporate Centre; since 2014 bank levies allocated to new business in Group Corporates (EUR 4 mn) and Group Markets (EUR 6 mn)
2) Including estimated payments of EUR 40 mn for resolution fund starting in 2015; in Q1 accrued EUR 10 mn
Group Investor Relations
21 May 2015
12
Glossary
Common equity tier 1 ratio (fully loaded) – Common equity tier 1 as a percentage of total risk-weighted assets according to CRR/CRD IV without applying the transitional provisions set out
in Part Ten of the CRD IV Regulation.
Common equity tier 1 ratio (transitional) – Common equity tier 1 as a percentage of total risk-weighted assets according to CRR/CRD IV (official ratio).
Consolidated RoE – Consolidated Return on Equity is consolidated profit less dividend on participation capital in relation to average consolidated equity less participation capital i.e. the
equity attributable to the shareholders of RBI, excludes also non-controlling interest and current year’s profit. Average equity is calculated using month-end figures for the period.
Cost/income ratio – General administrative expenses in relation to operating income (less bank levies, impairments of goodwill and any one-off effects from sundry operating expenses).
Credit exposure – Comprises all exposures on the statement of financial position (loans, debt securities) and all exposures off the statement of financial position (guarantees, commitments)
that expose RBI to credit risk.
Interest-bearing assets – Total assets less trading assets, derivatives, intangible fixed assets, tangible fixed assets and other assets.
Leverage ratio – The ratio of Tier 1 capital to specific exposures on and off the statement of financial positions, calculated in accordance with the methodology set out in CRD IV.
Loan/deposit ratio (net) – Loans and advances to customers in relation to deposits from customers, less claims and obligations from (reverse) repurchase agreements and securities lending
and impairment losses on loans and advances.
Loan to local stable funding ratio (LLSFR) – The sum of total loans and advances to customers less impairment losses on loans and advances, divided by the sum of deposits from non-banks,
funding from supranational institutions, capital from third parties and the total outstanding bonds (with an original maturity of at least one year issued by a subsidiary bank to investors
outside the bank’s consolidated group).
Net interest margin (average interest bearing assets) – Net interest income in relation to average interest-bearing assets.
NPL coverage ratio – Impairment losses on loans and advances to customers in relation to non-performing loans to customers.
NPL ratio – Non-performing loans to customers in relation to total loans and advances to customers.
Operating income – Comprises of net interest income, net fee and commission income, net trading income and sundry net operating income.
Operating result – Consists of operating income less general administrative expenses.
Other results – consist of net income from derivatives and liabilities, net income from financial investments, expenses for bank levies, impairment of goodwill , net income from disposal
of group assets and any one-off effects from sundry operating expenses.
Provisioning ratio – Net provisioning for impairment losses in relation to average loans and advances to customers.
Risk-weighted assets – Total capital requirements multiplied by 12.5.
RoE – Return on equity: Profit (before or after tax) divided by the average equity (includes non-controlling interests, excludes current year’s result). Average equity is calculated using
month-end figures for the period.
ROTE – Return on Tangible Equity is consolidated profit less depreciation on intangible assets less impairment of goodwill in relation to average consolidated equity less participation capital
less intangible assets. Average equity is calculated using month-end figures for the period.
Sundry net operating income – Other net operating income less expenses for bank levies, impairments of goodwill and any one-off effects from sundry operating expenses.
Tax rate – Relation of income taxes to profit before tax.
Tier 1 ratio – Tier 1 capital as a percentage of risk-weighted assets.
Total capital ratio – Total regulatory capital as a percentage of risk-weighted assets.
Group Investor Relations
21 May 2015
13
Contact and Financial Calendar
Contact Details
Susanne E. Langer
Financial Calendar
Date
Event
17 June 2015
Annual General Meeting
24 June 2015
Ex-Dividend and Dividend Payment Date
5 August 2015
Start of Quiet Period1
Am Stadtpark 9
1030 Vienna
Austria
19 August 2015
Semi-Annual Report, Conference Call
29 October 2015
Start of Quiet Period1
Tel.: +43 1 71 707 208943 1 71 707 2089
Fax: +43 1 71 707 2138 +43 1 71 707 2138
12 November 2015
Third Quarter Report, Conference Call
Head of Group Investor Relations
Spokesperson
Raiffeisen Bank International AG
[email protected]
www. rbinternational.com
1) Quiet Period: Two-week period before the publication of the quarterly financial statements and a four-week period before the publication of the annual report. During this
period we do not hold investor or analyst meetings
Group Investor Relations
21 May 2015
14