...February 6, 2026 This report does not constitute a rating action. What's new: Raiffeisen Bank International AG (RBI) maintained sound profitability and capitalization in 2025. The broader Raiffeisen Banking Group (RBG), to which RBI belongs, also reported solid results. For RBG, we estimate an after-tax return on equity at close to 8.2% and a risk-adjusted capital (RAC) ratio close to 11.2% at year-end 2025. We forecast both to move slightly higher until 2027 (see forecast range in table 1). Higher provisioning requirements, due to credit losses in its corporate portfolio in Austria, and legal provisions in 2025 at RBI's Russian subsidiary AO Raiffeisenbank had a negative impact on profits. New litigation provisions related to RBI's foreign currency (euro and Swiss franc) mortgage portfolio in Poland has also an adverse impact in 2025, although to a milder extend than in previous years. We believe RBI could book additional legal risk provisioning related to claims from MKAO Rasperia Trading,...
