Preliminary Results 2021: RBI: Consolidated profit of EUR 1.4 billion

  • Net interest income up 7% year-on-year driven by volume growth and higher key rates
  • Record net fee and commission income of EUR 1,985 million, up 18%
  • Cost/income ratio at 53.5%
  • 0.30% provisioning ratio, including stage 1 & 2 provisions for COVID-19 and geopolitics
  • Loans to customers up 15%, incl. Bulgarian entity
  • Net interest margin stabilized around 2%
  • CET1 ratio at 13.1%
  • Dividend proposal of EUR 1.15 per share, corresponding to a payout ratio of 28%



2022 Guidance

In 2022, net interest income is expected to increase by high single digit per cent and net fee and commission income by mid-single per cent. We expect loan growth in the range of 7 to 9%.

We expect general administrative expenses to grow in the high single digit percentage area plus an additional approx. EUR 100 million integration cost for acquisitions in the Czech Republic (Equa bank) and Serbia (Crédit Agricole Srbija). The cost/income ratio is expected to be around 55% excluding the one-off integration costs.

The provisioning ratio for 2022 is expected to be around 40 basis points.

Consolidated return on equity is expected to be above our 11% medium-term target, reflecting the gain on the sale of the subsidiary bank in Bulgaria.

We expect a CET1 ratio of around 13% by year end 2022.


Potential geopolitical risks, especially in Eastern Europe, are not included in this guidance.


Mid-term targets

We are committed to a cost/income ratio of around 55% and aim to improve further in the medium term.

We target 11% consolidated return on equity in the medium term.

We confirm our CET1 ratio target of around 13%.

Based on the CET1 ratio target, we intend to distribute between 20 and 50% of consolidated profit.


For more information, please click on the following link: 02.02.2022 - Preliminary Results 2021 (

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