VIENNA, Dec 17 (Reuters) - Austrian lender Raiffeisen Bank International expects its Russian unit to have “highly positive” results again this year as the bank pursues selective business with a focus on existing customers, RBI said on Wednesday.
“Higher interest rates and the rouble’s drop could put some customers under pressure and thus affect their ability to service their debt. On the other hand there are positive effects, especially from the expected expansion of margins,” it said in a statement on the situation in Russia.
It said the rouble devaluation had a positive impact on costs in Russia given group results are denominated in euros, but had a negative influence on revenues and capital. It said its Russian bank was in a good funding situation, did not depend on central bank funding, and had stable deposits given its solid reputation among corporate and small business clients.
Reporting by Michael Shields; Editing by Shadia Nasralla