Raiffeisen Bank stock: Core profit rises as Romania deal closes

Raiffeisen Bank International reported stronger core earnings for the first nine months of 2026 and completed its acquisition of Garanti BBVA Group Romania. The Austrian lender published the figures and outlook on Tuesday, November 3, in an official release.

RBI stock traded at 63.10 euros on Lang & Schwarz at 11:38 CET on Friday, November 13. The quote is the latest available indication for the stock and is not presented as a comparison with a Xetra closing price.

Core Earnings Improve Outside Russia

RBI generated consolidated profit of 1,127 million euros in its core group excluding Russia from January through September. The result was 10 percent above the comparable period of 2025. Main revenues increased 8 percent year over year to 4,971 million euros.

Net interest income rose 7 percent to 3,347 million euros, while net fee and commission income increased 10 percent to 1,624 million euros. Customer loans in the core group grew 8 percent from the end of 2025 to 109 billion euros.

The earnings release also showed a 1.5 percent non-performing exposure ratio at the end of September. The provisioning ratio stood at 19 basis points for the first nine months, while the common equity tier 1 ratio excluding Russia was 15.4 percent. RBI said the capital figure assumes a worst-case scenario in which it must deconsolidate Raiffeisenbank Russia and lose its entire equity in the subsidiary.

Chief Executive Michael Höllerer said the core business was performing well and that the bank had made progress on the Garanti BBVA Romania acquisition and the planned takeover of Addiko Bank. Chief Financial Officer Kamila Makhmudova said the capital base provided flexibility for further growth.

Romania Deal Adds Regional Scale

RBI completed the acquisition of Garanti BBVA Group Romania at the beginning of November. The transaction includes Garanti Bank Romania and leasing company Motoractive IFN. RBI expects the enlarged Romanian business to become the country's third-largest bank by total assets and to serve about 2.6 million customers.

The transaction is part of RBI's effort to strengthen its core European operations while its Russian business remains subject to a potential deconsolidation scenario. The Romanian expansion can support loan growth, but integration execution and the effect of acquisitions on capital remain important for investors.

2026 Outlook Depends On Approvals

RBI expects 2026 net interest income above 4.5 billion euros and net fee and commission income of around 2.2 billion euros. Administrative expenses are expected at around 3.9 billion euros, implying a cost-to-income ratio of around 55 percent. The provisioning ratio is projected at up to 35 basis points.

The bank forecasts consolidated return on equity of around 13 percent and customer-loan growth of around 9 percent excluding acquisitions. The outlook includes Garanti and assumes regulatory approval and fourth-quarter settlement of the Addiko transaction at an assumed acceptance rate of 94.84 percent. RBI expects a year-end CET1 ratio of around 14.5 percent including announced acquisition projects and under a Russia deconsolidation scenario.

For investors, the earnings trend points to resilient income generation in RBI's core markets. The key variables are the completion and integration of acquisitions, capital consumption, credit costs and the eventual treatment of the Russian business. RBI's official nine-month results release provides the detailed figures and assumptions.

European banking shares remain part of the wider Euro Stoxx 50 market backdrop for investors.

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