From Saxo Bank's Trading Floor blog:
Raifeissen Bank, Austria's largest banking group, reports its Q2 results on Friday at approximately 05:30 GMT. The release will undoubtedly attract many investors as the shares are down 27% since their peak in June. The reason behind this dramatic fall is the ongoing crisis in Ukraine and the subsequent sanctions against Russia, a market that accounts for 21% of the group's total revenue.
Source: Bloomberg, Saxo Bank
- All eyes on bad loan provisions tied to Russia and eastern Europe... but also a previously announced provision charge in Hungary tied to a new law which obliges banks to refund FX spread margins. The bank's exposure to Russia and Ukraine will be a particular focus for investors tomorrow as they have pushed the share price down to reflect increased uncertainty over profitability. Raiffeisen Bank is the third biggest foreign bank in Russia and generated 74% of the group's pretax profit last year....MORE
