News

The Russian unit of Austria's Raiffeisen Bank International (RBI) posted a net profit of 261 million Euro in the first quarter of 2026, down nearly 39% from the first quarter of 2025. Unicreditbank, part of Italy's UniCredit Group, recorded an even greater decline in net profit: it fell 47% to 145 million euro in the first quarter 2026 year-on year, Frank Media reported, citing banking groups' financial statements.

Raiffeisenbank's net interest income fell by 16% to 383 million euro, commission income — by 14% to 173 million euro, net trading and asset revaluation income plummeted by record 99% to 1 million euros.

The decline in net interest income was driven by reductions in the average key interest rate by Russia's central bank from 21% to 15% in the first quarter of 2025 and 2026 respectively. The bank's earnings from placing funds on short-term deposits consequently fell, according to RBI's statements. Raiffeisenbank holds almost a half of its assets on Russia's central bank's accounts, as of April 1 2026 their volume amounted to 932 billion rubles (equivalent to 10.8 billion euro).

The decline in net commission income occurred due to a decrease in foreign exchange operations while trading income slump resulted from a reduction in business activity. At the same time Raiffeisen increased general administrative expenses by 22% to 180 million euro, specifically, by raising staff expenses. Apart from that, the statement shows a loss of 15 million euro due to expenses related to the damages awarded to Rasperia in litigation. Another 7 million euro were recorded as impairment losses.

Unicreditbank's net interest income fell in January–March 2026 by 23.5% year-on-year to 157 million euro, its commission and insurance related profit stood at 37 million euro, down 48%. The bank also managed to cut operating expenses by 15% to 49 million rubles. Additionally, UniCredit Group's Russian unit decreased loan loss provisions to 9 million euros compared to 13 million euros a year earlier.

Both Unicreditbank and Raiffeisenbank remain on the list of Russia's systemically important financial institutions though their parent groups have been winding down their business operations in the county for four years now.