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Raiffeisen and UniCredit reveal stark financial divides in Russia for 2025

One bank soared with record profits, the other struggled. How two European giants are navigating Russiaā€™s volatile financial landscape in 2025.

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2 min read
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Raiffeisen and UniCredit reveal stark financial divides in Russia for 2025

Two major European banks with Russian operations have released their latest financial figures for 2025. Raiffeisen Bank and UniCredit show stark differences in profitability, asset allocation, and lending strategies. Both institutions continue to manage their Russian subsidiaries amid ongoing geopolitical pressures.

Raiffeisen Bankā€™s Russian arm, AoJSC Raiffeisenbank, reported total assets of around ā‚¬25 billion by the end of 2025. Roughly 60% of these assets were tied up in loans, mainly to Russian corporations and small businesses. Another 25% sat in cash and interbank placements, including deposits with the Central Bank, while the remaining 10% were held in securities.

The bankā€™s net profit for the year reached 150.6 billion rubles, driven largely by interest income rather than fees. Its return on equity (ROE) stood at 23.5%, the highest among peers, with a return on assets (ROA) of 7.3%. Net profit also grew by 14.5% compared to the same period in 2024. Correspondent accounts made up 17.5% of its total assets, while 40% of its deposits remained with the Central Bank. UniCreditā€™s Russian subsidiary, JSC UniCredit Bank, held total assets of about ā‚¬5 billion. Half of these were in loans, split between retail and corporate borrowers, while 30% were in cash equivalents and 15% in investment securities. The bankā€™s net profit came to 49.3 billion rubles, with an ROE of 14.9% and an ROA of 6.1%. However, its net profit fell by 4.9% from the previous year. UniCredit also relied heavily on interest income, benefiting from parking funds with the central bank and other institutions. The bank had 42.1% of its deposits with the Central Bank, the highest among the four banks compared. Its corporate and retail lending portfolios accounted for 8.7% of its total assets, slightly lower than Raiffeisenā€™s 11.1%. By contrast, Sberbank and Tinkoff held no deposits with the Central Bank. Sberbankā€™s ROE was 21.7%, and its ROA was 2.5%, while Tinkoff reported an ROE of 19.9% and an ROA of 1.9%. Both banks also held far smaller shares of their assets in correspondent accountsā€”Sberbank at 3.4% and Tinkoff at 5.3%.

Raiffeisen Bankā€™s Russian division has shown strong profitability, with significant exposure to corporate lending and central bank deposits. UniCredit, while smaller in scale, continues to adjust its operations amid sanctions, focusing on retail and corporate loans. Both banks maintain high reliance on interest income, but their financial strategies and asset distributions differ markedly. The latest figures reflect ongoing adjustments in a challenging economic environment.

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