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Raiffeisen Bank posted a net profit of EUR 49.98 million for the first half of the year 2010, roughly in line with the profit it registered for the same period a year earlier, namely EUR 52.6 million • Operational profit stood at EUR 83.8 million, compared to EUR 106.2 million EUR in H1 2009 • Provisioning for loan loss impairments dropped to EUR 22.67 million, almost half of the EUR 43.79 million reported for the same period in 2009 • On a year-on-year basis, operational costs decreased by 3.7% in EUR equivalent (RON 4.4%), while staff expenses dropped by EUR 1% (RON 1.7%).
[All figures have been prepared in accordance with IFRS accounting legislation and refer solely to the results posted by Raiffeisen Bank S.A. These results might differ from those that Raiffeisen International Bank-Holding AG will release for its operations in the Romanian market when Raiffeisen International publishes its report for the second quarter on August 31]
Bucharest, August 18th 2010 - Raiffeisen Bank S.A. posted a net profit of EUR 49.98 million for the first half of 2010 and an operational profit of EUR 83.8 million. The results are largely in-line with the net profit of EUR 52.7 million and operational profit of EUR 106.2 million Raiffeisen Bank had reported in June 2009. The bank's gross income in the first six months of 2010 dropped by 12% against the same period a year earlier to EUR 210.4 million, mainly due to a decrease in income from treasury activity. Reflecting continuous optimization efforts, Raiffeisen Bank's operational costs fell by 3.7% in EUR equivalent (RON-4.4%), while its staff expenses declined by 1% in EUR terms (RON -1.7%). Return on equity after tax was 18.6% at 30 June 2010, compared to 20.8% at the same period in 2009.
Loans to customers during the first six months of 2010 stood at EUR 2.7 billion, up by 6.7% compared to the same period in 2009. At the same time, customer deposits exceeded EUR 3.4 billion, up by 5.2% compared to June 2009. Consequently, the bank's core business revenues increased, with a positive dynamic on net interest income (+11%) and a slight decrease in net commission income (- 4.6%) compared to the end of June last year.
'I am satisfied we have again managed to achieve good results that are very close to the ones we posted last year, despite the fact that the economic situation in Romania has continued to worsen. The decrease in revenues was only due to trading activities, whereas the revenues from purely banking activities have slightly increased, which means that we performed very well in our core businesses. Furthermore, we have managed to control our costs: provisions dropped sharply, we have more effectively managed our expenses, thus preserving our profitability. We owe this good result to the solid position the bank has on the market, to our prudent risk management policy in the past years, and to our balanced exposure in terms of segments and industries', said Steven van Groningen, CEO of Raiffeisen Bank S.A..
Total assets in the balance sheet registered a slight decrease of around 2%, from EUR 4.67 billion in June 2009 to EUR 4.57 billion in June 2010.
At the end of June 2010, Raiffeisen Bank had a network of 539 outlets, compared to 558 at the end of June 2009. The number of employees dropped to 5,906 from 6,512 over the same period. Raiffeisen Bank offers a complete range of products and services for approximately 2 million private individual customers, almost 100,000 SMEs and over 6,800 medium and large corporations.
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