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Annual Report 2011 Annual Report 2011Annual Report Annual Report 2011 Consolidated Key Data of Raiffeisen Bank Zrt

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Annual Report 2011 Annual Report 2011Annual Report Annual Report 2011 Consolidated Key Data of Raiffeisen Bank Zrt Hungary Annual Report 2011 Annual Report 2011 Annual Report 2011 Consolidated key data of Raiffeisen Bank Zrt. Contents Consolidated key data of Contents Raiffeisen Bank Zrt. Monetary values in euro mn 2011 Change 2010 Consolidated key data of Raiffeisen Bank Zrt. 2 Income statement Foreword by the Chairman of the Board 5 Net interest income 188 (29.20%) 253 Net fee and commission income 68 (9.09%) 75 Foreword by the Chief Executive Officer 7 Trading profit (loss) 136 2.63% 131 Operating expenses 136 (17.95%) 164 Overview of the 2011 business year 9 Profit before tax (295) 1295.24% (24) Shareholder of Raiffeisen Bank Zrt. 18 Profit after tax (286) 1914.29% (19) Balance sheet Board of Directors and Supervisory Board 18 Loans and advances to banks 321 18.94% 296 Loans and advances to customers 4,905 (15.18%) 5,793 Management of Raiffeisen Bank Zrt. 19 Deposits from banks 1,022 (36.00%) 1,903 Declaration on Corporate Governance Practice 20 Deposits from customers 4,611 (2.86%) 4,749 Equity (incl. minorities and profit) 517 (5.21%) 544 General remarks on the Bank’s operations in the 2011 business year 26 Balance sheet total 7,393 (12.61%) 8,496 Large corporations 26 Resources Small and medium-sized enterprises 26 Average statistical number of staff 3,101 (10,02%) 3,446 Retail customers 27 Banking outlets on balance-sheet day 132 (7,1%) 142 Municipalities 28 Private Banking customers 28 Financial institutions 29 Raiffeisen Bank International at a glance 31 Vision, Mission 33 Raiffeisen glossary 34 Consolidated Financial Statements, 2011 36 Independent Auditor’s Report 36 Consolidated income statement 37 Consolidated statement of comprehensive income 38 Consolidated statement of financial position 39 Consolidated statement of changes in equity 40 Consolidated statement of cash flows 42 Notes to the consolidated financial statements 44 Consolidated income statement and financial position in euro 120 Affiliated companies 122 Raiffeisen Leasing Zrt. 122 Raiffeisen Investment Fund Management Zrt. 124 Raiffeisen Insurance Mediator Kft. 127 Central offices and branches in Hungary 130 The above figures have not been audited in Euro and are not part of the Financial Statements. Addresses and contacts 134 The exchange rate applied in 2011 was 311,13 HUF/EUR in 2010 was 278,75 HUF/EUR. 2 www.raiffeisen.hu www.raiffeisen.hu 3 The Board of Directors’ report on 2011 The Board of Directors’ report on 2011 Foreword by the Chairman of the Board Non-consolidated total assets, 2001–2011 (HUF million) Ladies and Gentlemen, 2,566,319 2550 2500 2011 was once again a fairly eventful year. The developments 2450 in Europe, and particularly in the peripheral states of the eurozone, 2400 2,370,773 2350 2,365,301 left their mark on the group headed by Raiffeisen Bank International 2300 2,295,199 AG (RBI), the parent company of Raiffeisen Bank Zrt. While our 2250 exposure to these states was traditionally low and we were not 2200 directly affected, we too were unable to escape the effects of the 2150 market environment following the sovereign debt crisis. 2100 2,041,962 2050 2000 RBI and banks in general are facing a lot of new rules. From 1950 our point of view, however, they are introduced at an unfortunate 1900 time and in too much haste. The regulations published by the Eu- 1850 ropean Banking Authority (EBA) at the end of October which call 1800 for a core tier 1 capital ratio of 9 per cent by the end of June 1750 2012 put pressure on many banks in Europe. However, we – to be 1700 1650 more exact, the RZB Group – are well-equipped to handle this. We 1600 1,584,334 have put together a comprehensive bundle of measures, consisting 1550 of numerous individual measures. We are also in the fortunate 1500 position of making profits which are strengthening our equity. As a 1450 result, we can meet the new requirements from our own resources. 1400 1350 1300 By meeting the EBA ratio, RBI is also reaching the Basel III ratio 1250 1,244,553 of 7 per cent, which the Austrian regulators have set as mandatory 1200 earlier than previously planned, namely from the start of 2013. Moreover, the Austrian regulators 1150 implemented a ratio system for banks operating in Central and Eastern Europe to bring funding 1100 from other sources than the shareholder and loans into balance. We do not regard the guideline 1050 1,055,847 that only € 110 should be lent for every € 100 of deposits (including certain other forms of 1000 funding) as a major restriction. As growth in lending is tied to economic growth, it is likely to be 950 900 moderate in the next few years. Looking at growth rates, we have to distinguish between markets. 850 While in the eurozone we are facing a real systemic and political crisis, in Central and Eastern Eu- 830,434 800 rope the economic uptrend is largely continuing. This region is and will continue to be the growth 750 driver for Europe. Even if economic growth in the CEE region slows from 3.7 per cent in 2011 700 to 2.6 per cent in 2012, this is still higher than in the eurozone. This is not a bad outlook for us. 650 600 550 In this difficult environment, the RBI Group generated a profit before tax of€ 1.37 billion, which 539,376 500 is a solid result we can rightly be proud of. One thing that made this possible is that the markets 462,684 450 in Central and Eastern Europe continued to show comparatively high economic growth, which 400 also resulted in a significant improvement in our risk situation. Our result confirms our sustainable 350 business model, which will continue to keep us very competitive! 300 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 4 www.raiffeisen.hu Board of Directors’ report Shareholders RZB Group, Raiffeisen International Financial Statements Income statement, balance sheet in euro Affiliated companies Contacts www.raiffeisen.hu 5 The Board of Directors’ report on 2011 The Board of Directors’ report on 2011 On behalf of the Board of Directors, I thank all employees and the Management Board for the significant improvements achieved in 2011. I also extend my thanks to the clients for choosing Foreword by the Chief Raiffeisen Bank and other members of the Raiffeisen Group as their financial partner. Executive Officer 2011 was the most difficult year in the Hungarian Raiffeisen Group’s history, having produced a loss amounting to HUF 88.9 billion. This loss was due to several factors: - In addition to the banking tax, the government introduced a Herbert Stepic pre-payment act for foreign currency mortgage customers, allowing Chairman of the Board of Directors them to pre-pay their foreign currency loans at a significant discount to the actual exchange rate. At Raiffeisen Bank, almost 30 per cent of the eligible customers made use of this option causing a net loss of HUF 31.3 billion in addition to a continuous decrease in interest income going forward. - The second factor was that major sectors of the Hungarian economy did not perform well, causing non-performing loans to rise further by HUF 51.7 billion y-o-y. The commercial and residential real estate market is not yet picking up, and the overall economy has not yet started to recover from the crisis which had started in 2009. - Thirdly, demand for new loans in both the corporate and retail segments was down from last year, resulting in lower overall lending volumes and reduced income. In order to partly compensate for the high risk costs and lower income, we managed to reduce our cost base by 11 per cent to HUF 74.9 billion. (Operating expenses without impairment and write offs). We reduced staff by 10 per cent to 3,100, closed down a few unprofitable branches and introduced a rigorous cost management system. The banks reached an agreement with the government in December on how to continue with the remaining foreign currency mortgages, and solutions have been found for both performing and non-performing customers. This agreement should help managing the foreign currency mortgage exposure for the coming years. However, there are no single action steps which will solve this issue at once, only a series of steps which will address it gradually and over a long period of time. Towards the end of last year, our shareholders increased the equity in Raiffeisen Bank by HUF 105.9 billion, ensuring a healthy capitalisation and underlining the strong commitment of Austrian Raiffeisen Bank International towards Hungary. Despite the challenging environment, Raiffeisen continues to play an important role in the Hungarian banking sector. We managed to increase our market share in several important segments, especially in retail deposits, our market share grew from 6.1 per cent (year-end 2010) to 6.8 per cent (year-end 2011). We are continuing our relentless drive for customer and service quality excellence. We are strengthening customer relationships and putting even more emphasis on the customers’ demands and needs, which in turn helps us increase both satisfaction and sales. This is a general philosophy and strategy at Raiffeisen, now and in the future. 6 www.raiffeisen.hu Board of Directors’ report Shareholders RZB Group, Raiffeisen International Financial Statements Income statement, balance sheet in euro Affiliated companies Contacts www.raiffeisen.hu 7 The Board of Directors’ report on 2011 The Board of Directors’ report on 2011 Our outlook for the coming year is somewhat mixed, as there are still many uncertainties regarding the economic, financial and regulatory environment, both in Europe and in Hungary.
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