(Bloomberg) -- Raiffeisen Bank International AG sees risk costs more than doubling this year as it assesses the impact of Russia’s war on Ukraine, even as the bank benefits from a surge in fees related to trading in the ruble currency market. 

The bank set aside 319 million euros ($336 million) for future loan losses in the first quarter and raised its full-year guidance for provisioning to 1% of net consumer loans, up from 0.4%, according to a statement on Wednesday. At the same time, net income of 442 million euros ($464 million) was almost three times higher than analyst estimates.

The results reflect a bank that’s still benefiting from strong economic growth in its eastern European markets, but is now preparing for tougher times ahead. The lender booked record net fees and commissions income, primarily helped by trading in the Russian currency market as other lenders were hit by sanctions. Central bank interest-rate hikes across eastern Europe also boosted net interest income.

Investors will monitor Chief Executive Officer Johann Strobl’s remarks at 2 p.m. in Vienna for any signs the bank is getting closer to a decision on its Russian unit amid a review of the business.

A potential sale, if decided, would be complicated by international financial sanctions imposed on Russia, and could hurt Raiffeisen’s profitability. The bank booked about a third of its net income in the country last year. It also removed targets for loan growth amid a freeze on new business in Russia.

One of its foreign competitors in Russia, Societe Generale SA sold its unit to the country’s richest man Vladimir Potanin. 

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