Ladies and gentlemen, as the Chairman of the Supervisory Board in accordance with section 116 paragraph one of the Austrian Stock Corporation Act, I take the chair and open today's Annual General Meeting of Raiffeisen Bank International AG. I state first that the convocation to today's Annual General Meeting in compliance with the provisions of section 106 of the Austrian Stock Corporation Act was published in due time on the electronic announcement and information platform of the Federal Government on 25 February 2025.
Second, in accordance with section 107 paragraph three of the Stock Corporation Act, the electronic European distribution was carried out by EQS on the same day in accordance with section 180 paragraph two of the Austrian Stock Exchange Act. The convocation was at the same time also sent in machine readable form via the chain of intermediaries to the last intermediaries for distribution to the shareholders. The documents to be disclosed in accordance with Section 108 para three and four of the Stock Corporation Act were made available in due time on the Company's website.
In particular, the complete text of the invitation to today's Annual General Meeting as well as the information on the organizational and technical requirements for virtual participation in the AGM of Raiffeisen Bank International AG on 26 March 2025, Notar Dr. Rupert Brix is requested to notarize the resolutions of today's Annual General Meeting to supervise the execution of the votes and to prepare minutes in accordance with Section 120 of the Austrian Stock Corporation Act.
The Management Board of RBI , with the approval of the Supervisory Board, has decided to hold this year's Annual General Meeting as a hybrid meeting on the basis of the provisions of the Act on Virtual Shareholders Meetings and section 14 paragraphs 8- 16 of the Articles of Association. I'm delighted to welcome the shareholders present here in the hall and those shareholders who are attending the AGM via the AGM portal on the Internet.
In the convocation for today's Annual General Meeting and in the document Information on the Organizational and Technical Requirements for Virtual Participation in the AGM, the Management Board pointed out the shareholders and other participants are free to choose between physical and virtual participation in the Annual General Meeting. The provisions for moderated virtual meetings pursuant to section three of the Act on Virtual Shareholders Meetings apply to virtual participation.
The Annual General Meeting will be held in German. We offer simultaneous interpretation from German into English. In addition, during the entire Annual General Meeting, sign language interpreters will be available. Virtual participation takes place by electronic connection via the AGM portal set up by the company with individual access data.
The shareholders are free even after having requested access data for a virtual participation to attend the AGM in person instead of virtually. It must be ensured that shareholder rights, in particular voting rights, are not exercised more than once with the same shares, both via the AGM portal and at the meeting in person. A shareholder or their appointed proxy can only participate either in person or virtually with regard to the same shares.
If a shareholder holds several shares or several share packages, or is at the same time also a proxy for several shares or share packages, such shareholders may exercise their shareholder rights for some of the shares by means of in- person's attendance and for another part virtually via the AGM portal.
If you intend to attend partially in person and partially virtually with different shares or share packages, the issue of several voting cards can be requested at the venue of the Annual General Meeting at a registration desk for in- person participation. The issue of multiple access data for the AGM portal could be requested during the registration process or at a later date exclusively by email to anmeldestelle@computershare.de for virtual participation.
I expressly emphasize that a shareholder or a proxy appointment by a shareholder regarding the same shares or share packages may only participate either in person or virtually. The AGM portal allows registered shareholders to authorize a proxy, in particular one of the two special proxies, to submit motions for resolutions, to cast votes and if necessary also to raise an objection, to submit questions and motions for resolutions, to speak via video communication, to exercise the voting rights in all votes by means of electronic communication and to raise an objection.
Detailed information on the organizational and technical requirements for virtual participation in the AGM is available on the Company's website. It is not necessary to read out this document, as this is the fourth hybrid Annual General Meeting using this AGM portal today and the exercise of shareholder rights during today's AGM. In particular, the exercise of voting rights and the right of objection is analogous to previous Annual General Meetings. If you have any technical or organizational questions regarding the use of the AGM portal, please call the hotline or send an email to anmeldung@computershare.de.
A public broadcast of the Annual General Meeting will be available on the Company website from the beginning until the end of the presentation of Item one on the agenda. Shareholders may submit their questions directly to the company today during the Annual General Meeting via the AGM portal or by email to fragen.rbi@computershare.de.
I will determine the time until which questions may be submitted in the course of the Annual General Meeting, and I will inform you of this point in time in a timely manner. Shareholders participating virtually may exercise their right to submit motions during the AGM via the AGM portal. I will determine the time until which motions may be submitted in the course of the AGM, and I will inform you thereof in a timely manner. Some information on speaking via video. Shareholders may, during the Annual General Meeting, request the floor.
Please note that I, as the Chairman, may set appropriate time limits. Please make sure that you register via the AGM portal as soon as possible after the opening of the Annual General Meeting, ideally now, if you want to speak to the AGM via video. If I give the floor to a shareholder participating virtually, such shareholders must be given the opportunity to speak via video communication through the AGM portal.
If a shareholder requests the floor to speak by means of electronic communication through the AGM portal, this shareholder thereby consents to me mentioning their name at the Annual General Meeting. Speaking via video is only permitted if the shareholders or their proxies appear in these videos and speak in person. Let me give you a brief overview on the structure of today's Annual General Meeting.
First, the reports and proposed resolutions on all items on the agenda will be presented to you en bloc. I will also read out any motions for resolutions submitted by the shareholders via the AGM portal. After that, we will hold a general debate. That means that we will alternate between allowing five to six shareholders to speak here in the hall and then two or three shareholders who wish to have their say and ask questions in real time via the AGM portal by means of a video link.
I'd like to point out that it may be necessary to interrupt the Annual General Meeting, for example, to record questions received or asked by shareholders during the AGM and to properly prepare the answers to such questions. Voting on all agenda items will take place in one go after the end of the general debate. Shareholders who are present in the hall today and shareholders who exercise their voting rights virtually via the AGM portal will be able to do so at the same time.
Now, a couple of organizational words for the shareholders and their proxies present in the hall, as you have already seen from the documents sent to you. Please switch off your mobile phones to ensure that this Annual General Meeting runs smoothly. Sound and image recordings of any kind by participants to this meeting are not permitted.
The agenda published in the Convocation and all proposed resolutions of the Management Board and the Supervisory Board, the declarations pursuant to section 87, part two of the Austrian Stock Corporation Act, including curriculum vitae for the re-election of myself and Dr. Heinz Konrad as well as the election of Reinhard Schwendtbauer and Christof Splechtna to the RBI Supervisory Board. The Request to Speak form and the links to access the Annual Report and the Sustainability Report for the 2024 financial year can be found in your shareholder documents.
Forms for granting or revoking proxy are available at the Sign Up Desk. Proxy forms can also be found on the voting card that was handed out to you at the registration desk. The Management Board invites the shareholders present at Wiener Stadthalle to lunch from 12:30. Drinks will be available throughout the Annual General Meeting.
As the Chairman, I order that today's Annual General Meeting be conducted in the manner described in the convocation dated 25 February 2025 and in the document Organizational and Technical Requirements for Virtual Participation in the Annual General Meeting of Raiffeisen Bank International AG on 26 March 2025. Both documents have been made available on the Company's website.
Before we start the general debate, the list of participants will be finalized and signed by me. You will then be informed of the attendance numbers. For the shareholders present in the hall, a terminal will be available in the foyer to view the electronic list of participants. Shareholders who participate via the AGM portal can view the list of participants via the List of Participants Tab. This list of participants will be available as soon as the preliminary list is available and I will point this out to you.
In order to keep the list of participants up to date, the shareholders and proxies attending the Annual General Meeting in person will find a proxy and instruction form on their voting cards. You can use this form to authorize any third party or one of the independent proxies, Dr. Michael Knap or Dr. Sascha Schulz , and you can also issue instructions on how to exercise your voting right. If you wish to make use of this option, please complete the form and hand it in at the Exit Desk when leaving the AGM.
The list of participants will then be updated accordingly. If you wish to leave the Annual General Meeting without giving proxy and instructions, please report to the Exit Desk and present your voting card. If you have any questions on these topics, our ladies and gentlemen at the Exit Desk will be happy to help you.
We will now move on to the agenda. First item on the agenda, presentation of the adopted annual financial statements including the Management Report, the consolidated financial statements including the Group Management Report, including consolidated non-f inancial statement as of 31 December 2024, and the proposal for appropriation of profits, the report of the Supervisory Board for the 2024 financial year, and the Management Board's Corporate Governance Report.
The adopted annual financial statements, including the Management Report, the proposal for the Appropriation of Profits, and the consolidated financial statements, including the Group Management Report and the non-f inancial statement, each as of 31 December 2024. The report of the Supervisory Board for the 2024 financial year and the Corporate Governance Report have been made available at the company's website in accordance with Section 108, para three and four of the Stock Corporation Act.
Dear Shareholders, let me say a couple of words to get started. The geopolitical events of recent weeks have made one thing very clear to us. The world is turning faster and faster and is becoming ever more complex. Individual political players can turn our world upside down overnight. The future is unpredictable. We can, and we have to prepare for the future, and we can make sure that we can shape it actively.
The strength that we have built up in the past and our life and values will be the basis for RBI's successful future and our strong and innovative team will be the drivers actively shaping the future. RBI is resilient and fit for the future. It has proven this in the past and most recently in the 2024 financial year. The last few years have been marked by difficult economic conditions.
RBI got caught up in the maelstrom of geopolitics. This also had a huge impact on the operating result in 2024. In this challenging environment, RBI was able in the Core Group, meaning excluding Russia and Belarus, was able to achieve a stable and solid result of EUR 975 million. The group's consolidated profit is EUR 1,157,000,000 and is characterized by massive earnings reducing one- off effects from Belarus, Russia and Poland.
In November 2024, the sale of Priorbank in Belarus was successfully completed. This had a positive effect of - 4 basis points on the Common Equity Tier 1 capital ratio e xcluding Russia. However, the negative deconsolidation effect had a negative impact of EUR 824 million on our result. The Supervisory Board is convinced that the sale was the right decision. However, we are also a bit nostalgic about the withdrawal from Belarus.
For more than 20 years Priorbank was part of the RBI Group. In these years, our bank paid out around EUR 270 million in dividends. These years were characterized by excellent cooperation with a highly qualified team at Priorbank, and in these years friendships developed across borders. I would like to take this opportunity to express my sincere thanks to the Management Board and the employees of Priorbank, and I personally wish them all the best for their future.
We all hope that these values that we all share in the RBI Group, freedom, respect and democracy, will continue to have a positive effect in Belarus and that one day they will fall on fertile ground. RBI has not only withdrawn from Belarus, the unbundling of operations in Russia is also progressing. The dual management of the group, excluding Raiffeisenbank Russia, shows that business in the core markets is sustainably strong and not dependent on profits from Russia. In 2024, RBI once again significantly reduced its business in Russia, in line with ECB requirements.
We also successfully managed to separate the IT system of the Russian bank from that of RBI. I would like to thank the Management Board and the employees of Raiffeisenbank Russia for their commitment and for the excellent cooperation up to today in implementing the reduction measures. The strategic options for a possible withdrawal from Russia are being evaluated on an ongoing basis. Taking into account the changing framework conditions, we must take prudent decisions.
Our objective is clear. We want to mitigate any damage to RBI as far as possible. This is the task of the Management Board and the Supervisory Board. The preliminary injunction by a Russian court imposing a transfer ban on the shares of Raiffeisenbank Russia currently makes a sale impossible a s you probably read in the media. The legal proceedings initiated by Rasperia in this context and the provision of EUR 840 million recognized in Raiffeisenbank Russia, which had a negative impact on the consolidated profit, was published in an ad hoc release.
RBI has lodged an appeal against the decision of the Court of First Instance and it will fight against the unlawfully asserted claim b y all means. The decision of the Court of Appeals is still pending. RBI is preparing further legal steps in the event that the claim is upheld and the clear aim of these measures is to make sure that we will obtain adequate compensation.
Despite these negative effects, RBI is in a stable position and has a very good liquidity and capital situation which is closely monitored by the Supervisory Board on an ongoing basis. Even if RBI were to lose its Russian business without any compensation, the Common Equity Tier 1 capital ratio would still be 15.1% at the end of 2024. Including Russia, it would be 17.1%. That means that the capital ratios are clearly above the regulatory requirements.
In view of these challenging conditions, the positive development of risk costs in the 2024 financial year is particularly pleasing, a t EUR 125 million, risk costs are more than 2/3 below the previous year's figure. This is the result of a forward- looking and proactive risk policy in a challenging macroeconomic environment. Continuing to prudently prepare for future challenges remains crucial.
In doing so, we will build on the experience gained in the past. RBI's positive development is also being honored on the capital market. This is reflected in a stable rating and in the successful issues in 2024. RBI's share price has risen year-on-year and quite substantially by around 32% since the beginning of the year. RBI is solidly positioned and has sufficient capital leeway. The Supervisory Board therefore supports the proposal to distribute a dividend of EUR 1.10 per share for the 2024 financial year.
Ladies and gentlemen, once again this year the report on the solid business results is overshadowed by the war and the human suffering in Ukraine. For the first time, there are now signs of a possible end to the war. There's the hope of spring after a very long cold winter. We sincerely wish the people of Ukraine a peaceful solution that is acceptable to them and the return to lasting peaceful stability.
We are proud that Raiffeisen Bank Ukraine continues to be a reliable partner and a safe financial harbor for the local people. It grants important loans to key industries, especially agriculture. Please switch off your mobile phones. Despite the war and the attacks on the infrastructure, we were able to uphold a 24- hour service at the same quality level. This success shows how highly adaptable and how incredibly committed our employees are in Ukraine.
Our mission remains unchanged. We will support our customers no matter what challenges lie ahead. Raiffeisen Bank is also providing extensive humanitarian aid. For example, Raiffeisen Bank supports numerous projects to care for people who were injured in the attacks and to create shelters for schools.
The bank is a tower of strength in difficult times and as a stable partner, Raiffeisen will actively contribute to the country's reconstruction in the future. Our top priority has always been to support our colleagues in Ukraine. Every single employee matters and should feel recognized, seen and appreciated. I would like to quote a female employee from the call center at Raiffeisen Bank Ukraine.
People's lives and health are the only things that really count. I have chosen the right job where I always get help from the company and from my colleagues. I also have the opportunity to help customers, which inspires me even more. I would like to take this opportunity to thank on behalf of the Supervisory Board, the Management Board and all the employees of Raiffeisen Bank Ukraine for their exceptional performance.
Dear shareholders, in recent years, media attention has been focused on RBI's presence in Russia. For the sake of sensational headlines, i n the past and recently topics were scandalized without any objective reason. Let me assure you that RBI has a strong compliance framework and strictly adheres to the regulations and sanctions. In view of the current geopolitical developments, strict compliance will continue to play a very essential role in the future.
The Supervisory Board therefore recently decided to set up a compliance committee. This committee will monitor and support the optimal positioning of RBI compliance for future challenges. Today, I would like to shift the focus to the earnings power and the success of the Core Group subsidiaries, excluding Russia. Core earnings, in spite of falling interest rates in many of our markets, remained stable. In some important markets such as Slovakia, Serbia and Romania, they have even increased significantly.
RBI's mission is to focus on the customer and to be a digital bank with a human touch and o ur approach is working. Our digital services and our personalized customer service have attracted many new customers and I was able to witness the successful achievements and the excellent teams at our subsidiary banks myself during my regular on- site visits. The banking network in Central and Southeastern Europe is a valuable competitive advantage.
Analysts predict both for now and the coming years, growth in economic output of 2%-3% in this region. Economic sentiment in this region has been less affected by the inflation crisis than in Western Europe and investment momentum is solid. The countries have also maintained their competitiveness in the industrial sector. The abolition of Austria's Schengen veto with regard to Romania is also having a positive effect.
These conditions could open up future opportunities for us in our markets in the future. What else are we proud of at RBI? Great people with a high level of expertise and entrepreneurial thinking work at RBI, and they have the drive to actively shape the future of RBI. We are particularly pleased that RBI is perceived as an attractive employer.
The employee satisfaction surveys that we conduct on a regular basis show an extraordinary level of engagement and commitment among our employees. Particularly high scores were given to the enjoyment of work and the opportunity to constantly learn new things, to put forward ideas and to use one's skills in a targeted manner. At RBI's head office, people from 79 nations, experienced colleagues and young talents work side by side.
RBI sees diversity as a strength and an innovation booster, and this corporate culture is reflected in innovative projects and guarantees sustained success and earnings. With its AI transformation initiatives, such as the training of AI pioneers who pass on their knowledge within the company and with bank- wide innovation initiatives, RBI has its finger on the pulse of the times.
What is particularly important to me is that RBI also has excellent internal expertise in the area of ESG, which brings it closer to its customers and supports them in their sustainable transformation. An essential basis for our innovative strength is modern state of the art IT. RBI is an agile frontrunner in the cloud. The Supervisory Board will place particular focus on ensuring that RBI remains very well positioned in the area of cybersecurity.
Ladies and gentlemen, we are experiencing a geopolitical and macroeconomic turning point that is gaining momentum every day. Cohesion and solidarity in Europe are now more important than ever. The common economic area is Europe's greatest strength and it is crucial to take the right steering measures. Europe must increase its international competitiveness and make sure that its geopolitical role and security situation is redefined and strengthened considerably.
A competitive banking sector is crucial for further development. Not only is the new bank levy in Austria an arbitrary measure, it will also slow down growth, especially as the bank's room for maneuver is already restricted by high regulatory capital requirements. What we need now are positive stimuli for investment and financing. The drastic increase in the bank levy, however, will further delay a return to growth in Austria.
The new bank levy will probably mean an additional burden of around EUR 50 million for RBI. That means that RBI will be able to grant up to EUR 1 billion less in loans. In this volatile environment, we have to take the future into our own hands and actively shape it and seize opportunities. We have a strong product. Everyone needs banking services. They open up opportunities, they enable growth and prosperity. They are the driver of the economy and part of every individual's daily life.
Raiffeisen is a strong brand. It stands for decades of reliability, a firm foothold in society and customer proximity. Customers trust us, and in our digital and globalized world, trust is an immensely valuable asset. We have a valid business model, a strong capital base and an outstanding team and t herefore we can look into the future with confidence.
RBI must continue to counter the current very dynamic environment with proactive and prudent risk management and cost management. By focusing on customer needs, innovation, efficiency, and also digital performance, we will succeed in remaining competitive and it will also enable sustainable growth. Finally, I would like to thank the entire staff and the Management Board. In an environment marked by pressure and challenges, everyone has contributed their tireless efforts to the success and for the development of RBI.
My special thanks goes to our CEO, Dr. Strobl. Dear Johann, I have always appreciated you as a very experienced and prudent manager. In recent years, you have proven your strength in a particularly impressive way. With your expertise and your prudence but a lso with a cool head and a steady hand, you have successfully steered RBI through turbulent times and I would like to thank you for this on behalf of the entire Supervisory Board. Ladies and gentlemen, thank you very much. I would now like to ask our CEO, Dr. Strobl, for his comments.
Dear shareholders, ladies and gentlemen, I would also like to welcome you on behalf of my colleagues at the Management Board of RBI International to this year's AGM. Thank you for your interest. We look forward to your questions and your comments over the course of today. Dear Erwin, thank you very much for your appreciative words of support and also thank you for your special commitment in terms of time and effort, and also t hank you to all the members of the Supervisory Board.
Ladies and gentlemen, if you take the time and look into their report, you will see just how intensively, if only you look at the regularity of the meetings held by the Supervisory Board, how intensively they have worked on behalf of our bank and our company. It was a very intensive time and we have always worked together very well. Thank you very much.
Erwin Hameseder has already talked about the most important topics of RBI and he's mentioned the challenges as well. I want to be as interesting as possible and keep all the redundancies out and present a few additional interesting aspects, if I may, so that you have a very comprehensive picture and also a little bit of additional information.
Now, Erwin Hameseder mentioned the challenges already. One of them is to make clear what the core, the strength of RBI is within its Core Group. In the discussion of the public, Russia is often unfairly put into the limelight, and it covers up the positive developments that we've been seeing. However, I do have to comment on the developments around Russia, Belarus and the Swiss franc loans portfolio in Poland before I focus on the development of RBI.
First of all, though, I would like to thank on behalf of the Management Board all our colleagues in Ukraine j ust as Mr. Hameseder has already done. The bank there does its utmost, and as a customer, you know how important it is, especially in difficult times, that banking services are available, that cash is available, and in time when energy infrastructure is damaged, that is a particular challenge. We are proud to say that banking services have been available 24/7, ATM machines at a very high percentage have been available at all times.
This, of course, comes with many challenges that we are not even familiar with during times of peace, so w e are very proud of what the colleagues in Ukraine have been doing. Mr. Hameseder has already mentioned all the banking services, the fundings and the humanitarian aid that is underway in Ukraine at the moment.
Thank you very much also to all our colleagues in Ukraine who have been doing this excellent work. Of course, like Mr. Hameseder said, we all want a ceasefire. We all want sustainable peace under conditions that are also acceptable to our colleagues and all the people of Ukraine. Ladies and gentlemen, just a few words about Russia now. Geopolitically, things are very volatile at the moment, and as I have said, we're all hoping for peace, for a ceasefire at least. You might wonder what impact that will have on RBI Russia and us as owners.
I can only repeat what has been said already. We keep reducing our Russia business. We are also required to do so by the European Central Bank, which is, of course, our regulatory authority. That means no loans, no savings, no interests on accounts there. That is despite the fact that the interest rates in Russia are at around 20%, but also the foreign payments transactions have been reduced. We comply with all the sanctions. Rasperia has been mentioned and the reductions there.
Now, I think it's necessary that you give me a few minutes just to clarify how we view this situation, because in public, there has been a lot of confusion and a lot of misinterpretations that don't comply with the facts. Now, what are the facts? Rasperia is a Russian company that has held a share in Strabag for many years. Over the course of the sanctions, these shares have been frozen and Strabag is not paying out dividends to Rasperia either.
Rasperia has a number of court proceedings underway in Austria, and in August 2024, they've also started proceedings in Russia against Strabag and its core shareholders. What we don't understand here is that they're also involving Raiffeisenbank Russia into these proceedings, saying that they want damages from Strabag and their core shareholders in the amount of over EUR 1 billion.
The fact, however, that those core shareholders don't have any assets in Russia has created this connection to Raiffeisenbank Russia. Therefore, they want to have access to Raiffeisenbank Russia's assets, because that is the only unit that has mentionable assets in Russia. Mr. Hameseder has already mentioned it. We have a ruling in first instance on this and t his ruling doesn't only cover the EUR 2 million in damage claims by Rasperia, but they have also, Rasperia has also claimed shareholder rights from Strabag to be transferred to Raiffeisenbank Russia.
However, Russian court rulings have no binding in Austria, and like I said, those assets are all frozen anyway. Like I said, though, we will do our utmost here in Austria so that we can receive damages from Rasperia. Now on to Belarus. Erwin Hameseder has already mentioned it and it's important to me personally to also share a few words on this. RBI in 2003 has started business operations in Belarus in the hopes of the country moving more towards a democracy and a democratic development and moving towards an integration into the European economy.
All these hopes, and I'm sure you have seen this over the years, have not been very fruitful. Therefore we have evaluated the situation over the last few years, and we have concluded that with all the sanctions underway, with all the threats underway at the moment, a sale in order to reduce the risk for RBI was necessary and would contribute to reduced risk for RBI and the capital gained from that can be used in our core markets instead. I would like to thank our colleagues in Belarus.
I think they have done excellent work when it came to aiming at an integration towards Europe and at an advancement of the country. It's an excellent bank that is now in someone else's hands though. One last thing because we need to consider this as well about Poland. We have a Swiss franc portfolio, we have a Euro portfolio in Poland as well. There is a large number of court rulings. This has changed over the years, but these proceedings have always ended with the ruling that these loans must be annulled.
Now, what does this mean? It means basically that both parties must pay back any earnings that they have made, any money that they have received. What does this mean economically for us? It means that customers return loans without interest rates with runtimes over 20 years and the foreign currency risk remains with the bank.
Of course, that means huge provisions that have had a huge impact on the results of the last few years and also of 2024, of course, and this is something to consider when you look at our bank and hopefully it will be an incentive for you to say at some point in the future, hopefully soon these too shall pass and then hopefully you will remember the strength of RBI and will see what we have done over the years. Now, Mr. Hameseder has already talked about the figures and the capital ratios and therefore I'm not going to add anything on that. As you can see, loans development has been rather reluctant over the years.
As you can see, at the bottom we've always got the Core Group and then on top we've got RBI Group overall. Now, because of the reduction of the loans portfolio in Russia, the volume has remained the same, but within the group it has risen by 3%. What you're also seeing here is an increase in the interest income. That's because of the high interest rates in Russia and we have huge over- liquidity in the Russian bank.
That's all within the Russian National Bank with about 20%, which of course has an impact on the result. If we look at the Core Group, we see that the high interest rates over the last few years have been exceeded and that central banks have lowered interest rates over the markets and that meant that our interest rates have remained stable.
I think that's an excellent performance for us. It's even more than we had expected. As you can see, the NFCI in the RBI Group, because of the reduction of Russian business, has declined by 9%. Within the Core Group we have been able to increase it by 5%. I do think that in view of the current economic situation, what with very low interest in loans, that's quite an achievement.
However, we do have to look at cost costs as well and b ecause of the inflation over the last few years, there is still some remaining inflation pressure and therefore also cost pressure. Now, the figures that you see here, I think are the most important ones I'm able to show you today. We see two different scenarios here. On the left side, this is the development of RBI Group, t he group overall exemplary development over three years between 2019 and 2021.
Now that's the operating income. Now moving to operating result and ROE. You can see the other two lines. Then on the right side, these are the results of 2022, 2023, and 2024 without Russia and Belarus. For all of you who wonder what RBI is without Russia, this is your answer. We are a very powerful bank positioned in excellent markets with huge potential.
Of course there is still some impact from the portfolio sufferings in Poland and from the Swiss franc portfolio there too, b ut w e are very optimistic for the future, which I will talk about more in just a bit. We have very solid ROE figures, especially if you exclude Poland. We have 14%, 15%, 13% over the last three years. I do think when it comes to capital, these are excellent numbers.
Now very quickly about the NII, I will keep this very short. The low interest rates that have gone from very low interest rates now back to rather normal figures. You can see here the results from one quarter to the next. As you can see, these are very solid figures, all without Russia and Belarus. However, I have already mentioned the NFCI as well. We are working hard on improving these figures even further. You can see a bit of a season effect here too but I'm c omparing it year-on-year, you see that there is progress that has been made from one quarter to the next.
Now I've already talked about loans from customers, deposits from customers, and as I've said, we are trying to provide any services for our customers. This is not just loans, this is not just payment transactions. We are talking about all other banking services that we are offering. These are all of course on the depositors' side mostly. Mr. Hameseder has also mentioned capital ratios already. We are doing very well here too. We are very nicely within the European average. You, dear shareholders, have contributed significantly to that.
You have accepted lower dividends and the capital that you haven't received can be seen in these numbers. You now have a very solid bank before you. Now, very quickly on Russia, you know, the question keeps coming up, why are we still active there? What's even happening there? In terms of loans to customers, by the 30th of June 2022, that was the quarter after the beginning of the war, we had loans in the amount of EUR 13.7 billion and b y the end of the year 2024, it was EUR 4.2 billion. A huge reduction. I've already mentioned all the other aspects as well.
Of course, this means that Raiffeisenbank Russia was not able to receive any dividends and it means that Raiffeisenbank Russia is overcapitalized at the moment, as you can see here l ooking at the capital ratio. Now Mr. Hameseder has already talked about risk management and I would like to thank him for his praise because of course, difficult times are made much easier thanks to our solid risk management. Risk costs are very low.
Now, let's take a look at the future. This is the inflation and macro outlook. Now the situation in Austria, you're probably familiar, is we are afraid that probably also in 2025 we're going to have a negative development once again across the euro area. It's going to be slightly better within our core markets. It's going to be significantly better. In fact, you can also see the inflation rates here. They are going up, down.
However, this reduction might be interrupted or might become more difficult because in our core markets governments are taking measures that are driving inflation. We will see how those numbers evolve. Now for 2025 we are expecting about EUR 4.1 billion in net interest income without Russia, of course, a bit almost EUR 2 billion in net fee and commission income and around EUR 3.4 billion in OpEx. Of course, risk costs are always difficult to forecast. The figures that you see here are the rough average over this interest cycle.
Poland will continue to have a relatively negative impact in 2025 as well. The CET1 ratio will be at around 15%, which will allow for the dividends, but also allow for a credit growth of about 6-7% in terms of loans to customers, which is about the average on the market. Now, what is the potential of the Core Group without Russia and Belarus for the next few years? On the one hand, you can see the yellow line. This is without the effects from Poland, which is what our colleagues are working on. That black line, unfortunately, is what remains for us.
Mr. Hameseder has already mentioned the dividend proposal. The Board has proposed to the AGM a dividend amount of EUR 1.10, which has a maximum distribution of EUR 362 million. Ladies and gentlemen, this is the financial calendar that will hopefully continue to interest you in this upcoming year. To conclude, I would like to r eport o n the outstanding shares. I submit the report on treasury shares required by section 65, para three of the Austrian Stock Corporation Act as follows.
At the Annual General Meeting of the company on April 4, 2024, the Management Board of the company was authorized to acquire and if necessary retire treasury shares in accordance with section 65, paragraph one number eight of the Austrian Stock Corporation Act. The Management Board has not yet made use of this authorization to acquire treasury shares. Now, overall, the company and its affiliated companies currently hold 1,055,855 treasury shares, which corresponds to about 0.31% of the company's share capital.
Raiffeisen Bank International AG and its subsidiaries have also purchased from January 1, 2024 to December 31, 2024, a total of 8,271,868 shares, representing around 2.51% of the Company's share capital and an amount of EUR 148,416,005 and sold a total of 8,259,399 shares, representing around 2.51% of the Company's share capital and totaling EUR 149,484,733, whereby the Company's share capital amounts to EUR 1,003,265,844.05 and the Company has issued 328,939,621 shares. Thank you very much.
Thank you very much, Mr. Strobl, for this report on agenda item one. I would now like to take this opportunity and you know you can't do this enough times to thank the Management Board and all the employees of RBI for their work in the year under review.
This also concludes the public broadcast of the AGM on the internet, and I would like to bid farewell to all the viewers and thank you for your interest.