Raiffeisen Proposes Carrying Forward 2021 Profit Due to Ukraine Conflict

   By Ed Frankl

Raiffeisen Bank International AG said Tuesday that it intends to carry forward its entire net profit for the 2021 financial year "due to the war in Ukraine".

The Austrian lender, one of the largest in central and eastern Europe, had previously intended to propose a 2021 dividend of 1.15 euros ($1.29) per share, after a full-year profit of EUR380.0 million.

The Vienna-based bank made 33% of its net profit in Russia last year, but its Chief Executive said new lending in Russia and Ukraine has now been suspended.

"Once the current critical geopolitical developments have subsided, the management board intends to reassess the possibility of a subsequent dividend distribution from the retained earnings of the 2021 financial year, taking into account the development of the capital ratios and the economic effects of the conflict," the bank said in a statement.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

March 01, 2022 11:55 ET (16:55 GMT)

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