Raiffeisen Bank paid five times more taxes to the Russian budget than an hour before the invasion
In 2022, the Russian subsidiary of the Austrian Raiffeisen Bank paid 4.8 times more to the Russian budget than in the entire previous year. Economic Truth writes about this with reference to the bank’s financial statements.
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Read the Ministry of Finance Telegram channel: main financial news
Thus, the Russian branch of Raiffeisen Bank paid 559 million euros to the budget of the aggressor country. Such growth is connected with the growth of income of his Russian “daughter”.
According to the report, in 2022 the Russian Raiffeisen Bank received 2.06 billion euros in profit — 4.34 times more than in 2021.
Most of the income of the Russian Raiffeisen was made up of commissions, at the expense of which the bank earned a little more than 2 billion euros. In 2021, the commission income of the bank amounted to only 420 million euros.
Read: Payment embargo: Czech Raiffeisen Bank has stopped transferring funds to Russia and Belarus
The interest income of the Russian “subsidiary” of the RBI in 2022 amounted to 1.53 billion euros (against 744 million euros a year earlier).
The head office of Raiffeisen Bank told the publication that the increase in the profitability of their Russian “daughter” is due to the increase in the Russian ruble exchange rate and commission income arising from currency restrictions introduced in Russia.
In general, the Russian daughter provided 54% of the entire net profit of Raiffeisen Bank for 2022 and became the most profitable business of the Austrian financial group.
Read: Raiffeisen Bank responded to the NBU’s call to withdraw from the Russian Federation
Earlier, the National Bank of Ukraine required Raiffeisen, OTP, Intesa, ING, Credit Agricole to decide on whose side they will stop business activities in the territory of the Russian Federation and Belarus.
Source: Ministry of Finance
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