Raiffeisen has issued a
statement confirming it will remain in the black for fiscal 2011,
in sharp contrast to the gloomy trading update released by
Austrian-headquartered rival, Erste.
“Raiffeisen posted a
consolidated profit (after tax and non-controlling interests) of
€615m ($837.8m) for the first six months of 2011; the bank expects
a profit for the business year 2011 as a whole,” said
Raiffeisen.
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Erste said that it now
expects to report a full year net loss of around
€700m-€800m.
Raiffeisen said that it
had no sovereign exposure to Greece and Ireland, a sovereign
exposure of less than €10m to Spain and Portugal combined, as well
as a sovereign exposure of only €474m to Italy.
While Erste will take a
goodwill hit of €312m in Hungary, Raiffeisen said that its balance
sheet incorporated goodwill of only €3.5m for its Hungarian unit,
which will be written off this year.
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