Compared to the previous year’s period, staff expenses dropped by € 4,628 thousand to € 14,988 thousand (2020: € 19,616 thou-
sand). € 2,909 thousand thereof were primarily attributable to the demerger of the Equity Value Chain. In addition, the out-
sourcing of Compliance & ICS, Internal Audit, Security & BCM as well as Risk Controlling & Limit Management in December 2020
translated in a further drop of staff expenses. As a result, expenses for legal and consultancy services increased due to higher
costs charged by Raiffeisen Bank International AG. The new business segment Digital Retail Bank Department of Raiffeisen
Centrobank AG, which has been establishing and providing different retail activities since 1 July 2021, did not incur any staff
expenses in 2021.
Other administrative expenses included mainly IT expenses in the amount of € 8,717 thousand (2020: € 3,166 thousand), ex-
penses for information services coming to € 3,145 thousand (2020: € 3,717 thousand) and contributions to associations, domes-
tic and foreign supervisory authorities and payments to the resolution fund adding up to € 2,980 thousand (2020: € 2,079
thousand). The item strongly increased by € 8,647 thousand to € 23,658 thousand. In addition to IT expenses which recorded a
rise of € 5,550 thousand, expenses for legal and consultancy services went up by € 1,323 thousand, contributions to associa-
tions, domestic and foreign supervisory authorities including payments to the resolution fund rose by € 901 thousand and ex-
penses for office space increased by € 870 thousand. The rise of IT expenses can primarily be put down to the new business
segment Digital Retail Bank Department.
In 2021, other administrative expenses contained € 1,933 thousand relating to the demerger of the Equity Value Chain which
were charged to Raiffeisen Bank International AG.
Depreciation came to € 1,142 thousand and dropped by € 104 thousand compared to the previous year’s level (€ 1,246 thousand)
due to special depreciation made in 2020. Deprecation in the Digital Retail Bank department amounted to € 370 thousand.
Other operating expenses came to € 169 thousand and, equal to the previous year, were at a low level (2020: € 359 thousand).
The cost/income ratio which had been at 76.1 per cent in 2020 came to 77.5 per cent.
In 2021, net valuations and net proceeds were positive and came to € 55 thousand. In the reporting year the item contained the
current adjustment of general impairment allowances calculated pursuant to the methodology laid down in IFRS 9 as well as
income from the partial repayment of cost coverage for a subsidiary in the amount of € 50 thousand In the previous year net
valuations and net proceeds were negative and added up to € 4 thousand.
In the reporting year, the result on ordinary activities came to € 11,660 thousand compared to € 11,396 thousand achieved in the
previous year.
Current income taxes amounted to € 826 thousand (2020: € 1,728 thousand). The item contained income from group charges
for the 2021 financial year adding up to € 16 thousand (2020: expenses of € 1,005 thousand) and income from previous years in
the amount of € 219 thousand (2020: expenses coming to € 26 thousand). Moreover, the item included withholding taxes on
foreign dividend income in the amount of € 883 thousand (2020: € 686 thousand) and a provision for current corporate income
taxes for the Slovak branch adding up to € 62 thousand (2020: € 6 thousand).
In 2021, expenses for deferred taxes amounted to € 116 thousand (2020: € 6 thousand).
In the reporting year, other taxes including primarily statutory bank levies of Raiffeisen Centrobank AG adding up to € 1,027
thousand (2020: € 1,078 thousand, thereof € 203 thousand for the Slovak branch). In July 2020, the statutory bank levy was can-
celled in Slovakia. In addition, the item included expenses for value-added taxes for previous years amounting to € 191 thou-
sand (2020: income of € 7 thousand).
Net income for the 2021 financial year came to € 9,615 thousand (2020: € 8,597 thousand).
Balance Sheet Development
Compared to 31 December 2020, the balance sheet total increased by 4.9 per cent from € 4,653,354 thousand to € 4,882,883
thousand.
On the asset side, “Deposits with central banks“ (16.0 per cent of the balance sheet total on 31 December 2021 and 10.7 per cent
on 31 December 2020) rose by € 282,478 thousand to € 780,321 thousand mainly due to liquidity management measures to
comply with regulatory requirements.
“Loans and advances to credit institutions” (72.0 per cent of the balance sheet total on 31 December 2021 and 81.1 per cent on 31
December 2020) posted a decrease of € 259.594 thousand to € 3,514,285 thousand which was attributable to the drop of inter-
bank deposits in the amount of € 325,796 thousand to € 24,772 thousand. Moreover, the item included tradable money market
deposits (€ 3,287,320 thousand), unlisted bonds (€ 147,397 thousand) and collateral for the option business (€ 30,435 thousand).