RLB OÖ closed 2021 with “excellent results”.

With a balance sheet total of EUR 69.7 billion, the Upper Austrian Raiffeisen Banking Group is now the fourth-largest bank in Austria, General Director Schaller was able to report. © RLB OÖ

Raiffeisenlandesbank Oberösterreich can look back on a strong year. General director Heinrich Schaller was able to report an increase in after-tax profit from EUR 302 million to EUR 464.9 million on Friday.

Furthermore, the operating result rose by almost 19 percent to EUR 429.9 million. In addition, the consolidated balance sheet total of EUR 51.4 billion exceeded the EUR 50 billion mark for the first time.

Earnings from companies accounted for using the equity method increased by EUR 49.9 million to EUR 134.6 million compared to the previous year. This item includes, among other things, the investments in voestalpine, Raiffeisenbank Prague and Hypo OÖ, as well as Raiffeisen Bank International (RBI), which are important for the bank. There are currently around 80 investments in the portfolio, and the investment business is to be pursued more closely.

The Raiffeisen banks in Upper Austria also did good business last year. The net income (before changes in reserves) climbed from EUR 132.9 million (2020) to EUR 212.6 million, the result from ordinary activities (EGT) rose by almost 55 percent to EUR 266.3 million. Consolidated – i.e. the result of the Raiffeisen banks and the RLB Oberösterreich together – the group increased the POA by 75 percent to EUR 600 million.

Strong base, but also many uncertainties

In view of the “really good result” in 2021 and a core capital ratio in the group of around 16.0 percent, Schaller says that they are well prepared for possible setbacks.

Because, among other things, the Raiffeisen sector in Upper Austria is indirectly affected by the situation in Ukraine via the participation of RLB OÖ in RBI (9.5 percent). In addition, the general director is pessimistic about further economic development. He expects that the forecast inflation rate of 5.6 percent will be higher this year and that the predicted economic growth of 2.3 percent will hardly be achievable.

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