Raiffeisen Won't Propose a Dividend for 2021 Due to Ukraine Conflict -- Update
March 01 2022 - 12:28PM
Dow Jones News
By Cristina Roca and Ed Frankl
Raiffeisen Bank International AG said Tuesday that it intends to
propose carrying forward its entire net profit for 2021 in light of
the geopolitical situation around Ukraine.
The 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 posting a full-year profit of EUR380.0
million.
"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.
The Vienna-listed bank has suspended new lending in Russia and
Ukraine, with exceptions on a case-by-case basis, Chief Executive
Johann Strobl told analysts in a conference call. Most of the
bank's branches in Ukraine are open, mostly to serve retail
customers, he said.
Raiffeisen made 33% of its pretax profit in Russia last year.
Ukraine accounted for another 8.4% of its pretax profit in
2021.
Write to Cristina Roca at cristina.roca@wsj.com and Ed Frankl at
edward.frankl@dowjones.com
(END) Dow Jones Newswires
March 01, 2022 13:13 ET (18:13 GMT)
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