Raiffeisen International has beaten analysts’
forecasts and posted a near doubling of its first-quarter pre-tax
profits from €84m ($103.3m) a year ago to €166m.

The results were boosted by a sharp fall in
provisions to cover impairment losses, down 34% from €445m a year
ago to €295m.

Less encouraging was a fall of 10.1%
year-on-year in net interest income to €690m while net fees and
commission slipped 3.9% to €282m; the bank’s cost-income ratio rose
by more than 6 percentage points to 57.1%.

The bank’s retail division achieved a profit
before tax of €25m compared with a loss before tax of €81m in the
corresponding period a year ago.

Retail deposits edged up 1.1 percent from a
year ago to €21.3bn.

“Our results reflect the slight economic
recovery that is taking place in Central and Eastern Europe.
Consequently, our confidence in the region’s long-term potential
remains unbroken,” said Herbert Stepic, CEO of Raiffeisen

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In a move designed to increase access to the
capital markets, Raiffeisen International is merging with selected
parts of RZB, the Austrian banking group that owns 73% of its