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Raiffeisen Bank International AG - SWOT Analysis & Company Report

Published: May 2014 · Publisher: FriedlResearch
This report from May 2014 contains in-depth data about Raiffeisen Bank International AG and its operations and markets. It contains a company overview, business and strategy description, financial ratios, valuation & forecast data and a SWOT analysis.
Report Type Company Profiles
Language English
Format Electronic (PDF)
Pages86
Frequency Updated Quarterly
Availability Will be emailed within 1 business day
Reference No. 0888-0002
Price € 149,00
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Synopsis

This report has been published in May 2014 and contains in depth information and data about Raiffeisen Bank International AG and its operations and markets. It contains a company overview, business and strategy description, financial ratios, valuation & forecast dat, SWOT analysis, plus data on key events.

FriedlResearch is a Vienna based market research company, which helps foreign investors, corporate executives and financial professionals to understand the dynamic markets and companies of Austria and the Central- and Eastern European countries Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Russia, Slovakia, Slovenia and the Ukraine.

Summary

FriedlResearch’s "Raiffeisen Bank International AG - Company Profile & SWOT Analysis" contains in depth information and data about the company, its markets and its operations.

The profile provides
- a company overview, including its strategy and its shareholder structure,
- economic indicators for Austria and Central- and Eastern Europe,
- an investigation of the business and competitive environment in Austria and Central- and Eastern Europe,
- product and service offerings,
- detailed financials including share information, ratings, balance sheet, income and CF statements for the past 5 years,
- key financial figures including the most important ratios, risk provisions, EBIT and last quarter results,
- valuation and forecast data for the next 3-4 years,
- SWOT analysis,
- a banking industry and company outlook,
- plus information on key corporate actions and events affecting the company.

Scope

• Examines and identifies key information and issues about "Raiffeisen Bank International AG" for business intelligence requirements
• Studies and presents the company's strengths, weaknesses, opportunities (growth potential) and threats (competition).
• Strategic and operational business information is objectively reported
• Provides analysis on financial ratios of the company
• The profile also contains information on business operations, company history, major products and services, prospects, key competitors, key management, locations and subsidiaries

Reasons To Buy

• Quickly enhance your understanding of Raiffeisen Bank International AG
• Gain insight into the marketplace and a better understanding of internal and external factors which could impact the industry
• Increase business/sales activities by understanding your competitors’ businesses better
• Recognize potential partnerships and suppliers
• Obtain yearly profitability figures

Key Highlights

The Vienna-listed lender, which is the second biggest in Central, Eastern and Southeastern Europe, has managed a number of difficulties in the last few years: after 15 years of rapid growth rates, RBI´s expansion in the CESEE region came to a standstill in 2008. Particularly the emerging markets of CESEE were hit extremely hard by the financial crisis. Due to its exposure to CESEE, RBI was observed very critically. Within less than two years, RBI´s share price fell by more than 80%.

However, RBI performed much better than expected. In the consecutive years after the financial crisis, RBI re-shaped its operations and cut costs consequently. Being able to improve operating figures is only half a solution, however.

The whole banking landscape in CESEE has changed substantially. For banks operating in CESEE, economic and political frame conditions are completely different to the situation before 2008. It is therefore not surprising that optimism is far from being back. Events like the political crisis in Ukraine are driving the market uncertainty even higher.

For RBI, the situation in CESEE is still ambiguous, as a result. On the one hand, the exposure in some CESEE markets is still the biggest risk factor. On the other hand, deepening the business in CESEE is RBI´s only chance to succeed. Hence, RBI has developed a new strategy.

Now, RBI is on the growth track again. However, the lender does not record the same growth rates as in the period from 2000 to 2008. Compared to the years before 2008, the banking group posts solid, but relatively low income. Now, RBI´s main challenges are to keep its strong position in countries like Austria, Russia and Poland, to stabilize its operations in Southeastern Europe and to leave difficult markets like Ukraine or Hungary.

The last few years have shown that RBI is able to survive in a challenging environment. The next few years will show whether RBI is also able to succeed.
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Erste Group Bank AG
UniCredit Bank Austria AG
Raiffeisen Zentralbank Österreich AG (RZB)
Raiffeisen Bank International AG (RBI)
Bawag P.S.K.
Raiffeisenlandesbank Oberösterreich AG
Hypo Alpe Adria Bank AG
Raiffeisenlandesbank NÖ-Wien AG
Österreichische Volksbanken AG (VBAG)
Oberbank AG
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1 CONTENTS

1 CONTENTS
1.1 TABLE OF CONTENTS
1 CONTENTS 2
1.1 TABLE OF CONTENTS 2
1.2 LIST OF TABLES 4
1.3 LIST OF FIGURES 5
2 ABOUT FRIEDL RESEARCH 6
3 SYNOPSIS 7
4 INTRODUCTION 8
5 COMPANY OVERVIEW 9
5.1 KEY FACTS 9
5.2 BACKGROUND 9
5.3 CORPORATE STRUCTURE 10
5.4 CORPORATE STRATEGY 11
5.5 OPERATIONS 11
5.5.1 Number of customers 11
5.5.2 Number of branches 11
5.5.3 Number of employees 11
5.5.4 Locations and Subsidiaries 11
5.6 MANAGEMENT BOARD 14
5.7 SHAREHOLDER STRUCTURE 16
5.8 MOST IMPORTANT NEWS AFTER THE PUBLICATION OF FY 2013 RESULTS 16
6 ECONOMIC FRAME CONDITIONS 22
6.1 ECONOMIC FRAME CONDITIONS IN AUSTRIA 22
6.1.1 Overview 22
6.1.2 Key Economic Data 23
6.1.3 Austria SWOT Analysis 24
6.2 ECONOMIC FRAME CONDITIONS IN CENTRAL, EASTERN AND SOUTHEASTERN EUROPE 25
6.2.1 Overview 25
6.2.2 Bulgaria 25
6.2.3 Croatia 27
6.2.4 Czech Republic 30
6.2.5 Hungary 32
6.2.6 Poland 34
6.2.7 Romania 36
6.2.8 Russia 38
6.2.9 Serbia 41
6.2.10 Slovakia 43
6.2.11 CESEE Ratings 45
6.2.12 CESEE SWOT Analysis 46
7 AUSTRIAN BANKING INDUSTRY 47
7.1 INDUSTRIAL FRAME CONDITIONS IN AUSTRIA 47
7.1.1 Overview 47
7.1.2 Structural features of the Austrian banking market 47
7.1.3 Key Figures Q1-Q3 2013 (consolidated) 48
7.1.4 Assets and Capitalization 48
7.1.5 Liquidity 49
7.1.6 Profitability 49
7.1.7 Subsidiaries in CESEE 50
7.1.8 Exposure to CESEE 51
7.1.9 CESEE Banking Sector 51
7.1.10 RBI´s Competitors 52
Source: FriedlResearch Data as of December 19, 2013. http://www.trendtop500.at/banken. 52
7.2 SWOT ANALYSIS 52
7.3 OUTLOOK 53
8 FINANCIAL DATA 55
8.1 STOCK DATA 55
8.1.1 Overview 55
8.1.2 Financial Calendar 55
8.1.3 Payout Ratio 56
8.1.4 Return on Equity after Tax 56
8.1.5 Earnings per Share 56
8.1.6 Dividend per Share 56
8.2 ASSETS & LIABLITIES 56
8.3 EARNINGS 58
8.3.1 Income Statement (Year-on-Year) 58
8.3.2 Income Statement (Quarter-on-Quarter) 59
8.3.3 Net Interest Margin 60
8.3.4 Cost-income Ratio 60
8.3.5 Provisioning Ratio 61
8.4 CASH FLOW STATEMENT 61
8.5 EQUITY 62
8.5.1 Equity Table 62
8.5.2 Core tier-1 ratio 63
8.5.3 Tier-1 ratio (total) 63
8.6 RISK ASSESSMENT 63
8.6.1 Risk Profile 63
8.6.2 Portfolio Overview 64
8.6.3 NPL by Segment 65
8.6.4 Development of Provisioning Ratio 66
8.7 FUNDING & LIQUIDITY 66
8.7.1 Loan-to-Deposit Ratio 66
8.7.2 Structure of Funding 67
8.8 SEGMENT REPORT 67
8.8.1 CE (Central Europe) 67
8.8.2 SEE (Southeastern Europe) 68
8.8.3 Russia 69
8.8.4 CIS (Commonwealth of Independent States) 69
8.8.5 Group Corporates 70
8.8.6 Group Markets 71
8.8.7 Segment Profile 72
8.9 OTHER INFORMATION 72
8.9.1 Ratings 72
8.9.2 Corporate Actions 72
9 SWOT ANALYSIS 74
9.1 STRENGTHS 74
9.2 WEAKNESSES 75
9.3 OPPORTUNITIES 75
9.4 THREATS 76
9.5 SWOT SUMMARY 76
10 FORECAST & VALUATION 78
10.1 ECONOMIC FRAME CONDITIONS 78
10.2 MEDIUM-TERM TARGETS 78
10.3 COMPANY OUTLOOK 79
10.4 FINANCIAL FORECAST 2014 - 2017 83
10.5 STOCK VALUATION 83
11 APPENDIX 84
11.1 RELATED FRIEDL RESEARCH COMPANY REPORTS 84
11.2 COMPANIES MENTIONNED 84
11.3 COUNTRIES COVERED 84
11.4 RESEARCH METHODOLOGY 84
11.5 DISCLAIMER 85

1.2 LIST OF TABLES

Table 1: Raiffeisen Bank International AG – Key Facts. 9
Table 2: Raiffeisen Bank International AG – Number of customers (million). 11
Table 3: Raiffeisen Bank International AG – Number of branches. 11
Table 4: Raiffeisen Bank International AG – Number of employees. 11
Table 5: Raiffeisen Bank International AG – Locations and Subsidiaries. 14
Table 6: Raiffeisen Bank International AG – Management Board. 15
Table 7: Raiffeisen Bank International AG – Economic Frame Conditions in Austria. 24
Table 8: Raiffeisen Bank International AG – Austria SWOT Analysis. 24
Table 9: Raiffeisen Bank International AG – Key Economic Data Croatia. 27
Table 10: Raiffeisen Bank International AG – Key Economic Data Croatia. 30
Table 11: Raiffeisen Bank International AG – Key Economic Data Czech Republic. 32
Table 12: Raiffeisen Bank International AG – Key Economic Data Hungary. 34
Table 13: Raiffeisen Bank International AG – Key Economic Data Romania. 36
Table 14: Raiffeisen Bank International AG – Key Economic Data Romania. 38
Table 15: Raiffeisen Bank International AG – Key Economic Data Romania. 40
Table 16: Raiffeisen Bank International AG – Key Economic Data Serbia. 43
Table 17: Raiffeisen Bank International AG – Key Economic Data Slovakia. 45
Table 18: Raiffeisen Bank International AG – CESEE Ratings. 45
Table 19: Raiffeisen Bank International AG – CESEE SWOT Analysis. 46
Table 20: Raiffeisen Bank International AG – Structural Features Austrian Banking Market. 47
Table 21: Raiffeisen Bank International AG – Key Figures. 48
Table 22: Raiffeisen Bank International AG – Assets and Capitalization (in € billion). 49
Table 23: Raiffeisen Bank International AG – Profitability (in € billion). 50
Table 24: Raiffeisen Bank International AG – Industrial Frame Conditions in Austria (in € billion). 50
Table 25: Raiffeisen Bank International AG – Subsidiaries in CESEE (in € billion). 51
Table 26: Raiffeisen Bank International AG – Exposure to CESEE (in € billion). 51
Table 27: Raiffeisen Bank International AG – RBI´s Competitors. 52
Table 28: Raiffeisen Bank International AG – Austrian banking sector SWOT Analysis. 53
Table 29: Raiffeisen Bank International AG – Stock Data Overview. 55
Table 30: Raiffeisen Bank International AG – Financial Calendar. 55
Table 31: Raiffeisen Bank International AG – Payout Ratio 2006 – 2013. 56
Table 32: Raiffeisen Bank International AG – Return on Equity after Tax 2006 – 2013. 56
Table 33: Raiffeisen Bank International AG – Earnings per Share 2006 - 2013. 56
Table 34: Raiffeisen Bank International AG – Dividend per Share 2006 - 2013. 56
Table 35: Raiffeisen Bank International AG – Balance Sheet 2008-2013. 56
Table 36: Raiffeisen Bank International AG – Balance Sheet 2008-2013. 57
Table 37: Raiffeisen Bank International AG – Income Statement 2008-2013. 58
Table 38: Raiffeisen Bank International AG – Income Statement 2012-2013. 60
Table 39: Raiffeisen Bank International AG – Net interest margin 2006-2013. 60
Table 40: Raiffeisen Bank International AG – Cost-income ratio 2006-2013. 60
Table 41: Raiffeisen Bank International AG – Cost-income ratio 2006-2013. 61
Table 42: Raiffeisen Bank International AG – Cash Flow Statement 2008 - 2012. 62
Table 43: Raiffeisen Bank International AG – Equity Table 2006 - 2013. 62
Table 44: Raiffeisen Bank International AG – Core tier-1 ratio 2006-2013. 63
Table 45: Raiffeisen Bank International AG – Tier-1 ratio 2006- 2013. 63
Table 46: Raiffeisen Bank International AG – Segment Report Central Europe. 67
Table 47: Raiffeisen Bank International AG – Segment Report Southeastern Europe. 68
Table 48: Raiffeisen Bank International AG – Segment Report Russia. 69
Table 49: Raiffeisen Bank International AG – Segment Report Russia 70
Table 50: Raiffeisen Bank International AG – Segment Report Group Corporates. 71
Table 51: Raiffeisen Bank International AG – Segment Report Group Markets 71
Table 52: Raiffeisen Bank International AG – Erste Group Segment Profile. 72
Table 53: Raiffeisen Bank International AG – Ratings. 72
Table 54: Raiffeisen Bank International AG – Corporate Actions. 73
Table 55: Raiffeisen Bank International AG – RBI SWOT Analysis. 77
Table 56: Raiffeisen Bank International AG – Valuation 2013 – 2017. 83

1.3 LIST OF FIGURES

Figure 1: Raiffeisen Bank International AG – Raiffeisen Banking Group. 10
Figure 2: Raiffeisen Bank International AG – Segment Overview. 10
Figure 1: Raiffeisen Bank International AG – Shareholder Structure. 16
Figure 8: Raiffeisen Bank International AG – Income Figures in € million. 59
Figure 10: Raiffeisen Bank International AG – Economic Capital. 63
Figure 6: Raiffeisen Bank International AG – Portfolio Overview. 64
Figure 7: Raiffeisen Bank International AG – NPL by segment. 65
Figure 8: Raiffeisen Bank International AG – Provisioning Ratio. 66
Figure 9: Raiffeisen Bank International AG – Loan-to-Deposit Ratio. 66
Figure 10: Raiffeisen Bank International AG – Structure of Funding. 67
Figure 9: Raiffeisen Bank International AG – Income Forecast 2014 – 2017. 83

COUNTRIES COVERED

Albania
Austria
Belarus
Bosnia and Herzegovnia
Bulgaria
Croatia
Czech Republic
Hungary
Kosovo
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Ukraine

COMPANIES MENTIONED

Erste Group Bank AG
UniCredit Bank Austria AG
Raiffeisen Zentralbank Österreich AG (RZB)
Raiffeisen Bank International AG (RBI)
Bawag P.S.K.
Raiffeisenlandesbank Oberösterreich AG
Hypo Alpe Adria Bank AG
Raiffeisenlandesbank NÖ-Wien AG
Österreichische Volksbanken AG (VBAG)
Oberbank AG
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