A very good morning, ladies and gentlemen, shareholders. As Chairman of the Supervisory Board, I take the chair pursuant to Section 116, paragraph 1 of the Stock Corporation Act, and I open today's annual general meeting of Raiffeisen Bank International AG. The Management Board of Raiffeisen Bank International AG has carefully weighed all arguments and factors, and with the agreement of the Supervisory Board, has decided to host this year's AGM as a hybrid meeting. Today's AGM is the first hybrid meeting of a listed company in Austria. This is why I'm delighted to welcome shareholders who present in the room here today, and I also welcome our shareholders who are taking part via the AGM portal on the internet.
In the convocation for today's AGM and in the document on information on the organizational and technical requirements for virtual participation at the AGM, the management board pointed out that shareholders and other participants have the possibility of either being physically present on-site here at Hilton Vienna Park, or virtually through remote participation pursuant to Section 102, para. 3, sub-para. 2 of the Stock Corporation Act and remote voting pursuant to Section 126, Stock Corporation Act, and to attend this AGM. The shareholders were free to decide whether they want to take part physically or virtually at the AGM. Regarding physical participation here on-site, here at the Hilton Vienna Park, we pointed out that participation is subject to compliance with the provisions to prevent the spread of COVID as they are in force today.
Pursuant to the COVID-19 Basic Measures Regulation issued by the Federal Minister of Health and the Vienna COVID-19 Basic Measures Accompanying Regulation issued by the Province Governor of Vienna, meetings of bodies of legal persons such as our AGM, with more than 50 participants, require participants to wear an FFP2 mask. Participating through providing evidence of 3G is not possible given the provisions, the stricter provisions of the Vienna COVID-19 Basic Measures Accompanying Regulation. In order to give deaf and hard of hearing people a possibility to follow events, speakers may take off their masks when they speak or make a contribution. This exception is laid down in the COVID-19 Basic Measures Regulation by the Federal Minister of Health.
Even though many corona regulations have been repealed and are null compared to the past, we still have a very high incidence, and therefore, there's also a risk of infection which still prevails. Everybody who's taking part here in Hilton Vienna Park, we ensure that their health is protected, and that is essential to us. Could I urge everybody being present here at the hotel and in the room, and when leaving the room, to comply with all recommendations designed to prevent the spread of COVID-19. Relevant information was made available before the beginning of the AGM in the foyer. You will also find relevant information in your information bag and on the monitors here in the room.
For those shareholders who are taking part virtually, they will be electronically connected via the AGM portal, which has been set up by the company using individual access data which the company has transmitted to shareholders upon their request. Let me remind you, as was stated in the convocation, that shareholders can only take part either physically or virtually. Therefore, virtual participation will be excluded if shareholders or one of their appointed proxies are present here at the site of the AGM, which is Hilton Vienna Park in this room, if they are physically present, and vice versa. I'd like to explicitly draw your attention to the fact that at today's AGM, special proxies have not been proposed pursuant to Section 3, para. 4 of the COVID-19 Corporate Law Regulation, as today's AGM is not hosted applying and implementing the COVID-19 Corporate Law Regulations of our company.
The reason for this is that shareholders have a possibility to decide to personally attend the AGM or to exercise their shareholder rights via the HV portal or AGM portal. The notary, Dr. Brix, will later on explain the organizational and technical requirements for virtual participation through the AGM portal as they were described and explained in the convocation and in a separate document on information on the organizational and technical requirements for virtual participation at the AGM of Raiffeisen Bank International AG on 31 March 2022. This AGM is broadcast publicly up until the end of the presentation on agenda item one. I will now provide you with a brief overview on how we're going to structure today's AGM. First of all, you will be presented the reports on the proposed resolutions on all agenda items en bloc.
As on agenda item 7, we have elections for the Supervisory Board. The candidates standing for election will present themselves partly personally here today, and the proposed resolutions, which may be filed by shareholders through the AGM portal, will also be read out. After that, we will have our general debate, meaning we will have the 2-3 shareholders who are here in the room who will be given the right to speak, and then we will change and give the floor to 2-3 shareholders who are logged on through a video connection in real-time through the AGM portal and who wish to ask questions. Let me point out that it may be necessary to briefly suspend and interrupt the AGM in order to record the questions received from shareholders in a proper manner and to prepare the answers.
The votes on all agenda items will be handled in one single process after the end of the general debate. Shareholders who are present here in the room and the shareholders who are attending virtually and casting their votes virtually via remote voting pursuant to Section 126 Stock Corporation Act will be able to do so simultaneously at the same time. We will later on explain the exact procedure for the voting process later on. I note, one, that the convocation for today's AGM has been published in compliance with the provisions of Section 106, the Stock Corporation Act, in due course of time in Wiener Zeitung, official gazette of 3 March 2022. That second, pursuant to Section 107, para 3, Stock Corporation Act, it was electronically disseminated Europe-wide through EQS on the same day.
Within the meaning of Section 180, para. 2 of the Stock Exchange Act, the convocation was at the same time transmitted in machine-readable form via the chain of intermediaries to the ultimate intermediaries for dissemination to the shareholders. The documents to be disclosed pursuant to Section 108, para. 3 and 4, Stock Corporation Act, have been made available on the website of the company in a timely fashion. In particular, the full text of this convocation for today's AGM, the details on the organizational and technical requirements for virtual participation in the annual general meeting of Raiffeisen Bank International AG on 31 March 2022 (information on virtual participation).
On the twenty-third of March, the following documents were made available: Information on the protective and hygiene measures to prevent the spread of COVID-19 at the event, (protection hygiene plan), which is being constantly updated, and then the access requirements for physical participation at the AGM, which are also constantly updated. I will now ask the notary to notarize resolutions taken today, to monitor the voting process, and to take the minutes in accordance with Section 120, Stock Corporation Act. Could I now ask the notary, Dr. Brix, to once again explain the organizational and technical requirements for virtual participation at today's AGM, in particular on remote participation and remote voting, as announced in the convocation and in the document information on virtual participation? You have the floor, sir.
Shareholders, in the convocation of this AGM of 3 March 2022, it was announced that today's AGM will be held as a hybrid meeting. First, regarding virtual participation of shareholders via the AGM portal. Since the record date, 21 March 2022, 24 hours Central European Time, virtually participating shareholders have been able to exercise their voting rights and other shareholder rights via the AGM portal, which is accessible at the website rbinternational.com/de/investors. To submit motions for resolution, to raise an objection, to exercise the right to obtain information, and to authorize a representative. The AGM will be held in German. We offer simultaneous translation from German into English. In addition, sign language interpreters will be available for the duration of the entire AGM. How is the voting right exercised today via the AGM portal?
When voting via the AGM portal, provisions have been made for registered shareholders to be able to vote on each announced proposed resolution. Registered shareholders can participate in the AGM by means of an acoustic and optical two-way connection in real time and exercise their right to vote. This allows registered shareholders to submit their votes from any location electronically via the AGM portal. According to the procedure provided by the company for exercising voting rights, shareholders can only cast their votes during the AGM up to the point in time at which the shareholders present in person vote. It is not possible and has not been possible to cast votes via the AGM portal before the AGM.
The period during which it will be possible to exercise voting rights via the AGM portal during the AGM will be determined by the chairman in the course of today's AGM and announced in good time. For casting votes, the Vote button has been provided in the portal. As soon as the chairman opens the voting on the agenda items, registered shareholders will be able to cast their votes in the AGM portal by activating the Vote button. Voting will take place on all agenda items specified in the convocation of the meeting, namely on the proposed resolutions by the management board and the supervisory board on all agenda items as proposed resolutions and on any proposed resolution by shareholders as they were read out as proposed resolutions at the AGM.
Registered shareholders can vote either by yes or no, or abstain from voting on each proposed resolution via the AGM portal. The result of the vote will be ascertained using the addition method, meaning that the yes votes and the no votes will be counted and ascertained. Anyone who has not cast a vote does not take part in the vote and is considered as abstaining. Registered shareholders must complete the voting process and thereby transmit the votes cast to the company in one process via the AGM portal. After confirming their desired vote, it is no longer possible to revoke a vote cast by a registered shareholder via the AGM portal during the voting process at the AGM. Now on how to submit proposed resolutions via the AGM portal.
Every shareholder is entitled to submit motions on any item on the agenda at this AGM, Section 119, Stock Corporation Act. The time up to which it is possible to submit motions via the AGM portal will be determined in the course of today's AGM by the chairman and announced in good time. For this purpose, the AGM portal provides for a button, Submit Motion. Finally, as regards the right to information and the right to speak via the AGM portal for shareholders, the right to information and to speak pursuant to Section 118, Stock Corporation Act can be exercised by the shareholders themselves during their virtual participation at the AGM exclusively, one, electronically via the AGM portal, second, by email, or three, by a video link using a webcam and a microphone in real time.
For the exercise of the right to information via the AGM portal, the AGM portal provides for a button, Submit Question. Moreover, shareholders may also submit questions directly to the company, either by email to fragen.rbi@anmeldestelle.at. If shareholders wish to submit their questions by video link in real time at the AGM, they must inform the company of this in the AGM portal during the AGM using the button, Register to Speak. Shareholders are requested to register any interest in a video link via the AGM portal as soon as possible after the opening of the AGM, preferably right now. In the window that will open, you have a heading video link, and there you need to enter an email address to which a shareholder currently has access. An employee of the company will then send the shareholder an email with an internet link to the email address stated.
That link takes to a video conference program and contains further instructions. After the video conferencing program has been started via the internet link by the shareholder, the shareholder will then be welcomed by an employee of the company in the virtual shareholder waiting room of this AGM. A check is carried out whether the image and sound transmission quality is good enough for a real-time video link for the broadcast of the AGM. If this is the case, the chairman will then instruct that the shareholder be connected at a suitable moment in time. The technical prerequisite for a video link in real time is a stable internet connection and an internet-enabling terminal device of the shareholder, which has a sufficient transmission speed as well as a webcam and a microphone.
If after this check, it is found that the technical requirements for the video link are insufficient, the shareholder may submit his or her questions via the button Submit Question in the AGM portal or by email. In order to identify shareholders, questions submitted by email must be accompanied by their full name, their date of birth or company register number for legal entities, as well as the depository account number and the name of the depository bank, as well as a reproduction of the signature or any other means of identification. Video transmission is only allowed if shareholders or their proxies appear and speak themselves. Shareholders may use the question form provided on the company's website for that purpose. In order to maintain an efficient meeting structure, questions could be submitted in good time prior to the AGM to the email address fragen.rbi@anmeldestelle.at.
The company reserves the right not to answer questions which cannot be assigned to given shareholders. Regarding granting of proxies pursuant to Section 113, Stock Corporation Act via the AGM, this is possible as well. Each shareholder entitled to attend the AGM has the right to appoint a proxy to attend this AGM virtually or physically on behalf of the shareholder and to have the same rights as the shareholder he or she represents. Regarding virtual participation of the proxy, the AGM provides for a button, proxy for authorized representatives. Via the AGM portal, shareholders can also change or revoke any previously issued proxies or instructions during the AGM up to the start of the voting process.
Virtual participation at the AGM by the proxy or proxies by means of electronic connection via the AGM portal requires that the proxy receives individual access data to the AGM portal from the grantor of the proxy. Now, on the granting of a proxy to Dr. Michael Knap. As a special service, a representative of Interessenverband für Anleger, IVA, Feldmühlgasse 22, 1130 Vienna, Austria, is available to shareholders as an independent proxy to exercise voting rights and other shareholder rights at the AGM. If you're interested, there was a possibility of directly contacting Dr. Michael Knap before the AGM, who is the representative of the Austrian Shareholders Association, IVA, on his mobile telephone number +43 664 2138740, or by email knap.rbi@anmeldestelle.at. At any rate, instructions must be given to IVA for the exercise of voting rights.
In the absence of such explicit instructions, the voting rights cannot be exercised. Even if the independent proxy of the IVA is not authorized, authorization of proxy must be sent to the company as described in the convocation or entered via the AGM portal. For this purpose, there is a special button. Proxy and instructions for IVA have been provided in the AGM portal. I'd like to point out that the representative of IVA is not a special voting proxy pursuant to Section three, paragraph four of the COVID-19 Corporate Law Regulation. Finally, a few words on the possibility to file objections for the record via the AGM portal. Until the end of today's AGM, registered shareholders can declare their objection to resolutions of the AGM electronically via the AGM portal, which will be recorded by me as a certifying notary.
I am physically present here at the Hilton Vienna Park. For this purpose, the AGM portal provides for a button, Submit Objection. Registered shareholders can also file an objection during their speech or contribution by way of a video link via the AGM portal using the two-way acoustic and optical link provided with the aid of a webcam and a microphone, and this will be recorded by me as a certifying notary who can follow the video link. This concludes, ladies and gentlemen, my explanations on the exercise of shareholders' rights via the AGM portal, and I pass back the floor to the chairman. Thank you very much to the notary. I'd like to thank you for your explanations.
As the chairman of this AGM, I instruct that today's AGM be held in the way explained in the convocation of March 3, 2022, and in the document information on the organizational and technical requirements for virtual participation at the AGM of Raiffeisen Bank International AG on March 31, 2022. Both documents were made accessible on the website of the company and have now been explained by the notary, Dr. Brix. The list of participants will be completed before the general debate. I will then sign it, and I will inform you on the presence today. For the shareholders who are present here today in this room, we have a terminal in the foyer which they can access to inspect the electronic list of participants.
Shareholders which are taking part via the AGM portal can inspect the list of participants by clicking on the button List of Participants Accessible Documents as soon as the first list has been compiled. I will point out that moment in time. In order to keep the list of participants up to date, shareholders present here today have a voting card with a proxy form and an instruction form. With this form, they can give a proxy and authorize any third party or the independent proxy, Dr. Michael Knap, and give him instructions on exercising their voting rights. If you want to make use of this possibility, please complete the form. Hand it to the orderlies when you leave the room. The list of participants will then be updated accordingly.
If you want to leave the AGM without giving instructions and a proxy, please report to the orderlies when you leave the room, presenting your voting card. The orderlies will be ready to help you at any time if you have any questions. Ladies and gentlemen, let us now start with the agenda. Agenda item one: presentation of the adopted financial statements and the management report, the group financial statements and the group management report as per 31 December 2021, and the proposed appropriation of profit and separate non-financial report, the report of the Supervisory Board for 2021, and the Management Board's corporate governance report.
The adopted financial statements and the management report, the proposed resolution on use of profits and the group financial statements of the group management report as per 31 December 2021 each, the separate non-financial report, the report of the Supervisory Board for the business year 2021, and the Management Board's corporate governance report have been made available and accessible in accordance with Section 7 to 8, Paragraph 3 and 4, Stock Corporation Act on the website of the company. Dear shareholders, the history of RBI, Raiffeisen Bank International, is a history of overcoming divisions in Europe. For more than 30 years, we have worked together to build bridges and create prosperity. We have lived from, with, and for the vision of a peaceful and cooperative Europe and its fundamental values of democracy, social market economy, and the rule of law.
Russia's war against Ukraine can in no way be justified. It brings only suffering and destruction in Ukraine and far beyond. This war is fundamentally against everything what we stand for and everything we have worked for and everything we will continue to work for with all our strength and all our ability here at Stadtpark in Vienna, as well as in our subsidiary banks, out of deepest conviction. We, the Supervisory Board, the Management Board, the employees of the RBI Group, believe. Together with you, esteemed owners, in a peaceful Europe, a Europe of opportunities and solidarity, a Europe in which people can strive for happiness and work towards being successful. I can assure you today, we will never fail and continue to stand up for this.
As we gather today for the AGM of Raiffeisen Bank International in hybrid form, and that for good reason, we are confronted with an exceptional situation, an exceptional situation that will stay with us and challenge us in its effects for decades to come. We will never accept as being normal. At this moment in time, our thoughts and our prayers go to the countless people whose lives have been changed forever in an inconceivable and drastic way ever since February 2024, and that forever. It goes without saying that Raiffeisen provides extensive support to people in need as the RBI Group and also as the Raiffeisen Banking Group Austria. We have a duty to provide comprehensive and rapid humanitarian aid to refugees and people in need in and from Ukraine. That exactly is what we are doing.
For example, RBI has made available almost EUR 10 million to date. Also as a bank, we act in a commercially responsible, regulatory correct, but flexible and solution-oriented manner vis-à-vis our customers. It is also gratifying to see and a source of pride and at the same time touching to see that hundreds of employees of the RBI Group are volunteering and offering their time to help the people affected by the war in the best possible manner in those so difficult times. Everybody helps where this help is needed. At this point, I'd like to emphasize the incredible commitment and dedication of our employees of our subsidiary bank in Ukraine. In very difficult conditions and despite ongoing hostilities in Ukraine, they are maintaining banking operations as far as possible. They ensure basic banking services for customers and a continued cash supply to customers.
All this commands deep respect from all of us. On behalf of the Supervisory Board, I'd like to thank you all very much for your commitment and your incredible energy in doing so. Ladies and gentlemen, we are becoming aware that the war in Ukraine is a turning point, a turning point that will have enormous and partly unforeseeable consequences for all of us here. No, not just for us here, but for the entire world. It is not only that oil and gas are becoming more expensive. The shockwaves of this war are already shaking supply chains today. Think of the automotive industry, or think of a lack of raw material exports in the agricultural sector, for instance, especially of basic commodities such as wheat or corn to Europe, but also to countries that are hit by famines.
In the face of the war, what we are seeing today in Europe is that difficulties are expected also in Europe. We're facing a situation of crisis, and here we need a close cooperation, and consultation between the various bodies to have resolutions and decisions adopted, carefully weighing all arguments and in the best interest of our banks. We are in close consultation between the management board and the supervisory board in those times. In my function as Chairman of the Supervisory Board, I have been in daily contact with the Chairman of the Management Board and our CEO, Dr. Strobl.
The Supervisory Board as a whole is kept informed twice a week by the Management Board on current developments in the RBI Group, in particular on risk and liquidity developments, and is always available to the Management Board at any time in an advisory capacity in the context of this acute crisis management. In a situation that does not allow us to have a clear outlook, but which is rather characterized by uncertainty and insecurity, it seems necessary to focus on one's own strengths on the one hand side, and also to orient yourself on fundamental principles and maxims of actions on the other. Dear shareholders, dear customers, RBI and the Raiffeisen Banking Group Austria are robustly positioned. All of RBI's subsidiary banks are well-capitalized and able to finance themselves. At the same time, there are only very limited cross-border risk positions and financings.
In addition, in the spirit of a forward-looking and prudent risk management, months before the outbreak of war in Ukraine, comprehensive risk strategy measures have been implemented in Ukraine, such as the buildup of provisions totaling EUR 115 million for geopolitical risks in the region. The banking group's years of prudent and conservative risk management have now resulted in RBI being in a strong starting position, also thanks to a very good financial year we had last year. The stability of our bank has recently been confirmed by two major rating agencies, Standard & Poor's and Moody's. Although at times viewed critically by some analysts and market participants, a strong core shareholder base is proving to be a strong factor of stability and reliability for the bank and for the free float, especially in these challenging times.
Thanks to a traditional prudent business policy, the institutions of Austrian Raiffeisen Banking Group are in a stable position, and they have excellent liquidity resources. Economic stability of all the institutions of the Austrian Raiffeisen Banking Group and a multilevel safety net, headed by the newly established Raiffeisen Deposit Guarantee Scheme, guarantee greatest possible protection for our customer deposits. The philosophy and the self-image of Raiffeisen has been a guarantor of stability, of trust, and security for more than 130 years, both nationally and internationally. Stability, trust, and security will continue to be the guiding values for our business strategy activities in the future, as they are nothing less than an integral part of our Raiffeisen DNA.
Looking at today's agenda of the RBI AGM, I think we have to assume that the forthcoming business year 2022 will be the most challenging in the history of RBI. We will time and again have a need for discussion and debate, and we will be facing and be confronted with debates, and we need to have stamina. We have that stamina. As you all know, in the past, RBI was able to successfully challenge the most difficult tasks and challenges which we considered to be a crisis. When tackling the upcoming challenges, the bank and the management board know that they are supported by a stable and reliable shareholder structure.
Supported by the commitment and know-how of our employees, we will also successfully master this challenge with a sense of proportion, a good measure of proportion, a high degree of sensitivity and expertise, and being aware of our origins and our values, because that is what is Raiffeisen, what makes Raiffeisen, and that is what makes RBI. Ladies and gentlemen, thank you very much for allowing me to give you this introduction from my side. Could I now ask the CEO, Dr. Johann Strobl, for his report and outlook on business development of RBI?
Distinguished shareholders, ladies and gentlemen. On behalf of the management board of RBI International, I would like to bid you a cordial welcome to our AGM. As Mr. Hameseder has already pointed out, our AGM occurs at a very challenging time for Ukraine, for our continent, and for our bank. Like just a few other companies, RBI represents a link between Western and Eastern Europe, and because of this position, it is in the focus these days. Thank you very much for your words of support, Erwin. Thank you very much for expressing the readiness of the entire supervisory board to help the management board with advice and words of encouragement. Ladies and gentlemen, today it is my task to report about the previous financial year.
In the situation that we are in, confronted with images of human suffering and destruction from Ukraine, it feels very strange to talk about figures and business. I will still do it because it is your right to hear this report, and also because our staff members deserve it, because they have worked for this successful result in the previous year. Before I come to looking back to 2021, let me just make a few comments on the current situation in Ukraine and our bank. We are all deeply shocked by this attack on Ukraine. We stand for tolerance, openness, solidarity, and for diversity. This senseless war has a deep and lasting impact on Europe, and thus also on our banking group. Many things are going to change, but we will certainly not give up our values.
On the contrary, these days, we feel a wave of solidarity and help that fills us with deep gratitude. Hundreds of employees from the entire group work on an honorary basis, helping around the clock in order to support all our colleagues from Ukraine who had to flee from their home with their families. We've already supported 800 families in relocating to other countries where we are present as a RBI Group. We have provided them with immediate help, transport, food, accommodation, support, and free medical care. Wherever possible, we have been trying to help with cash or redeemable vouchers. We know very well that no amount of money will ever be enough to help compensate for the suffering of people in Ukraine, but still, humanitarian help is important. As Mr.
Hameseder already said, we have collected about EUR 10 million, and we are going to do more. You will probably wonder, ladies and gentlemen, what is the situation of our staff members in Ukraine? As you know, men in the age between 18 and 60 are not allowed to leave the country. Despite the enormously challenging conditions that our staff members are confronted with, they have succeeded in continuing to offer the most important and most elementary banking services. It's about having access to cash, having access to your current account, and getting help and counseling. Conditions are extremely challenging. In some cases, our staff members work from basements, from car parks, from subway stations, depending on the situation. It is self-understood that their safety and the safety of our customers have absolute priority for us. I've already said it.
Because of its position in Eastern Europe, and particularly in Russia, RBI is currently in the limelight. We are exposed to a lot of criticism. Many companies have announced that they would withdraw from Russia. We are also forced to review our position in Russia. We are assessing all strategic options for the future of Raiffeisen ank Russia up to a carefully managed exit from Russia. But this review is going to take time. A bank is not a hotdog stand that can be closed down within a week. A bank enters into long-term commitments toward its customers. Banks are strictly regulated, as you know. Of course, a bank also has obligations toward its staff.
All of these factors need to be taken into account in our plans and considerations, and I may assure you that our decisions will be taken very carefully with the best interest of our shareholders in mind. Distinguished shareholders, no one can say today how long this war and this crisis is going to endure. But what I can tell you is that RBI went into the crisis in a very strong position, and that takes me to the previous business year. After the economic downturn due to the pandemic, 2021 was characterized by economic recovery. Despite continuing challenges, RBI Group generated the best result in its history. The consolidated profit, as you can see on the slide, rose by 71% in the year-on-year comparison to EUR 1,372 million, and all subsidiary banks of RBI were profitable.
What is particularly agreeable is that this is the result of a significant drop of risk cost and a significant rise in core revenues. Net interest income rose by 7% because of a hike of the prime rate and higher volumes. Net fee and commission income, and that is an extraordinary performance of our staff members, rose by 18%. Thanks to the efforts of our sales force, the credit business was also very successful with a growth of 15%. For the first time, we crossed the threshold of EUR 100 billion in loans to customers. All of these developments have made our cost income ratio drop to 53.5%, a decline by 2.4%.
The return on equity rose by 4.5% to 10.9%, and CET1 ratio is at a solid 13.1%. We have achieved a lot in developing our bank. In the Czech Republic, and that is a focus country for us, Equa Bank has been consolidated for the first time. We've also integrated the local Bausparkasse, and we also took the opportunity to make a very attractive offer to ING, and almost all of the ING customers were referred to our bank. We also made use of the opportunity in Serbia to start on an acquisition. We expect the closing to be tomorrow. On the other hand, we optimized our structure by accepting the very attractive offer of the KBC Group to sell Raiffeisenbank Bulgaria. We expect the closing to be around mid-year.
We've made good progress in digitalization for our retail customers. More than 6.5 million customers use our digital services. It's a trend that you hear in many countries, and it's a trend in Austria as well. More than half of the customers use mobile banking. That is to say, smartphones are the new banking center for our customers. We also see increasingly more than half of the products are initiated through digital channels. That does not mean that, everything is closed digitally, but they are initiated via digital channels. Finally, I may remind you of our ESG commitment. We are committed to the UN Principles for Responsible Banking. We are making good progress in this area. A great number of green bonds were issued, and we advised our customers in this respect. Some details in addition to what I told you initially.
You can see the excellent development of net interest income over the quarters, and a similar picture when it comes to net fee and commission income. Administrative cost rose by 5%. That was because of the inflation hike that began last year and is challenging this year. Due to the positive development in the operating results, this operating result rose by 16%. I've also addressed the great performance in our customer relations and the strong loan growth last year. On this slide, you can see that, first of all, when it comes to retail credit, the good development started. Corporate customers were a little more reticent, but then we saw great optimism, which is probably going to be challenged this year. Last year, corporate customers were very optimistic, which meant that the demand for long-term credit rose.
Now, liquidity shows a very strong picture. The liquidity ratios are excellent, and the loan deposit ratio is also very good. By now, we are in a position to fund our loans from deposits. The loan deposit ratio is at 87%. Core capital ratio of 13.1%, clearly above regulatory requirements of 10.4%. A short look at the development of this ratio. You will remember that we started the year with 13.6. I pointed out the fantastic credit growth, which of course contributed, which used up part of this capital, the market risk and the volatility that we saw led to increased values also in operational risk. We find that we require larger buffers and the retained earnings largely compensate that at 109 basis points.
Of course, the first consolidation of Equa bank with 30 basis points has to be taken into consideration. In the dividend that we had foreseen is not included in these values. Now our risk management, Erwin Hameseder said, how careful we are with risk management, and I may point out a few developments in detail. Declining provisioning ratio, risk cost below EUR 300 million. That includes provisioning for the conflict case that unfortunately has become a reality, a very good coverage ratio, NPE coverage ratio, and a very low non-performing exposure ratio. That is to say the ratio between non-performing exposures and total exposure. A few words on Russia and Ukraine. As I've said in Ukraine, all essential banking operations are provided, and wherever possible, the branches remain open. All our Eastern European subsidiaries are contained.
The banks have high liquidity across the group, and when it comes to Russia, because of the new developments, we have to assess all strategic options for the future of our bank. The most important thing in this situation is to make sure customers have access to the bank and to cash, and that is insured. Retail customers and SMEs are offered a voluntary payment holiday for two months initially. Just to make sure that our customers can cope with the extremely difficult conditions and don't have to think about redeeming loans. Those who have crossed the border are offered help, both in Austria and in neighboring countries. We help them convert the cash they bring into euros or the local currency and to open current accounts. I've already said that our staff members provide incredible support. There are donations.
We help with transport, housing, help with registration, and many other aspects. Of course, there is our charity, which immediately started with evacuating institutions with the help of partner organizations, evacuations, particularly of children and women. Not only providing transport emergency, but also cash support. Of course, many customers wonder what could be the most negative impact on Raiffeisen Bank. Is there a spillover risk to the countries where there's no conflict? Rest assured, head office RBI AG does not have any additional commitments towards the network banks. They are all contained. The only risk that we run is the invested equity and subordinated debt. Our Eastern European subsidiaries, as Mr. Hameseder has already said, have no exposure to the Russian subsidiary. They have no exposure to sanctioned companies.
When it comes to cross-border business, they only have a very insignificant exposure. Russia is a contained structure, self-funded. That ensures great stability to the entire group. I also mentioned our good liquidity situation. We have high levels of assets in the head office and in all subsidiaries, and liquidity coverage is high, at a high level, which is certainly one of the reasons why Standard & Poor's and Moody's confirmed our credit rating. You're probably also wondering, since we heard a lot about sanctions, to what extent we are exposed to sanctioned companies. This is the most recent values that change every day because the list of sanctions is extended. It's about EUR 650 million. EUR 400 million with corporate customers and EUR 150 million with financial institutions.
As I said, just a share of EUR 140 million when as it comes to Vienna and the cross-border volumes. Net risk, when you deduce collaterals in the West, it's EUR 400 million. Trade finance commitments, where RBI together with Raiffeisenbank Russia amounts to about EUR 150 million. This is mainly about guarantees and confirmed letters of credit. Many of them very short-term. That is to say, they will expire within the next six months. Let me now come to an outlook, which is very difficult these days because it is so hard to foresee how this conflict and how the hostilities will continue and when they might stop. Also, the impact of sanctions. As I said, sanctions are continuously added. All of that is very hard to assess, but as far as we see today, there will be declines.
In Eastern Europe, with differences from country to country, we expect -8.5%. Of course, it could even become more negative depending on the developments. We can see that there is also outreach to southern and southeastern Europe, Central Europe. We still expect that there will be positive economic development in 2022, but compared to what we saw before the beginning of the war, figures have already been reduced. Of course, the most important question is the impact of inflation. The question, to what extent inflation, which is currently in heights that we probably don't even remember from the past, to what extent that will mute down economic development in our countries, in addition to the hostilities and the strained supply chains, that is very difficult to assess.
Ladies and gentlemen, we had wished to pay a dividend to reflect our very successful year, and we had proposed a dividend of 1.15 EUR per share. The war in Ukraine induced us to suggest that the entire net profit for the financial year 2021 should be carried forward to new account. If the developments were to be very positive, there is still the possibility during the second half year to reassess this proposal. Currently, we are forced to amend our initial proposal, and I hope that you will understand our position. Now let me close by looking at the financial calendar. The first quarter report will come on the fourth of May, where we will have to add further news on various aspects. Well, that concludes my report on the current situation and on the excellent results of 2021. I'm reporting.
I give a report according to Section 65, paragraph 3 of the Stock Corporation Act on holdings of own shares. At the AGM of the company on 20 October 2020, the management board of the company was authorized to acquire own shares pursuant to Section 65, paragraph 1, subparagraph 8 of the Stock Corporation Act, and if necessary, to recall own shares. This authorization to acquire own shares was not used by the management board so far. Altogether, the company and affiliate companies currently hold 470,487 own shares, which is 0.14% of the share capital of the company.
Raiffeisen Zentralbank Österreich AG, a subsidiary of the company, moreover, from 1 January 2021 to 31 December 2021, acquired own shares, in particular for the purpose of market making, altogether 7,099,516 shares, representing a share in the company of 2.16% and an amount of EUR 151,998,908,115. Sold 6,865,743 shares, representing approximately 2.09% of the share capital and an amount of EUR 147,923,263. Share capital of the company is EUR 1,003,265,844.05.
The company has issued 2,329,939,621 own shares. Thank you very much for your attention. Thank you very much, Dr. Strobl, for your report on agenda item one. I take this opportunity, and it's a heartfelt concern of mine is on behalf of the supervisory board and also on your behalf, to thank the management board headed by Dr. Strobl, and in particular, all staff members of the company in Vienna, the network banks all around the globe, to thank them once again most cordially for the excellent result for 2021. Also, I'd like to express our thanks for taking on the challenges of these times and that are taking on all the resources and energies of our staff members.
I'd like to also ask you to pass on our thanks to the staff members. Ladies and gentlemen, at this point, the public internet broadcast of our AGM will end. I'd like to say bye-bye to you. Those who have been listening in, thank you for your interest. We will now have a one-minute break before continuing.