Raiffeisen 2008 preliminary net profit above guidance

Net profit at eastern Europe's second-biggest bank was EUR 982 M in 2008, beating a EUR 950 M forecast and up from EUR 841 M in 2007. Net interest income, Raiffeisen's main revenue source, rose 34 per cent to EUR 3.23 bln before provisions. Provisions for impairment losses were EUR 780 M, the bank said in a statement. Banking shares have been hit in recent weeks after some in the sector were hit by big blows from the credit crisis and on concerns over the worsening economic situation in eastern and central Europe.