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Analyst Consensus

  
Information for Q2 2016 on the Valuation Result of Liabilities measured at fair value from movements in Credit Spreads
RBI's results are impacted by changes in credit spreads of own liabilities measured at fair value, especially long-term structured notes, senior and subordinated liabilities. The impact of the credit spread movement of own liabilities measured at fair value is reflected in the income statement as income from derivatives and liabilities under item “Other Results” and amounted to minus EUR 12 million in the second quarter 2016. This valuation result has no effect on regulatory capital or respective capital ratios.

Other one-off or unusual Effects in Q2 2016
The closing of the takeover of Visa Europe Ltd. by Visa Inc. resulted in a positive effect on the profit before tax of EUR 132 million in the second quarter 2016. This effect was booked as net income from financial investments under item “Other Results”. The booked proceeds are split into three tranches:
- A cash payment at closing (EUR 97 million)
- A transfer of preferred shares of Visa Inc. to RBI (EUR 28 million)
- An already recognized cash payment for 2019 (EUR 8 million)
The transaction has a small positive effect on the CET1 ratio (transitional and fully loaded), as the vast majority of the cash component from the transaction was already booked in 2015 in equity under “Other comprehensive income”.

The “Walkaway Law” in Romania became effective in the second quarter of 2016. This resulted in a EUR 43 million charge in the second quarter 2016, which was booked under “Other Results”. It is anticipated that this amount will cover the vast majority of the expected total impact.

Both unusual effects are tax relevant.

Q2 2016 - RBI Bank levies and resolution fund

 

Raiffeisen Bank International Consensus 2016e

Consensus in Euro Million

Mean (Average)

Max

Min

Net interest income

3,012

3,505

2,872

Net provisioning for impairment losses

1,024

1,449

739

Net fee & commission income

1,464

1,516

1,411

Net trading income

90

182

-192

General admin expenses

2,831

3,424

2,503

Profit/loss before tax

450

757

-14

Profit/loss after tax

273

463

-248

Consolidated profit/loss

209

467

-323

 

The consensus estimates of earnings are based on earnings forecasts made by securities analysts who follow the development of Raiffeisen Bank International. The views expressed and forecasts, estimates, and predictions made by those analysts regarding performance (and hence the figures of the consensus estimates) solely reflect the opinions of those analysts, and not the opinions, forecasts, estimates, or predictions of Raiffeisen Bank International or its management. The fact that Raiffeisen Bank International makes these figures available does not mean that the company endorses or agrees with this information, conclusions, or recommendations. Raiffeisen Bank International assumes no liability for the accuracy of these estimates or obligation to update or revise them. 

 Last update: 21 July 2016

Susanne Langer

Head of Group Investor Relations
Spokesperson
Am Stadtpark 9
1030 Vienna, Austria
Tel: +43-1-71 707-2089
Fax: +43-1-71 707-2138
ir@rbinternational.com
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