Profit for the quarter of Raiffeisen increased triple
The Austrian bank holding company Raiffeisen International Bank Holding announced triple profit growth for the second quarter. However, the results remain well below analyst estimates. Profit of the bank, which operates in 17 countries from Central and Eastern Europe amounted to 71 million after the second quarter of last year the positive result was 22 million. Preliminary expectations were for profit of 99 million. With a major contribution to the growth of profit due to lower provisions for bad loans, which fell by half - from 523 million in the second quarter of last year to 265 million for the same period of this. Net interest income of the bank which shows the difference between received interest on loans and interest on borrowed funds increased by 1.5 percent to 740 million euros. By the financial institution remain uncertain prospects in the global economy in 2011. Significant improvement in the situation, however, observed in Russia and Ukraine, which still gives cause for optimism. When you compare fixed rate mortgage from the bank with another competitors, you will see that the bank is offering good and quality service for credits and loans. This increases its market stake, which was moving the profits up.
Raiffeisen reported 166 million EUR profit for the first quarter
The Austrian bank Raiffeisen International, one of the financial institutions with the largest investment in Central and Eastern Europe, reported a profit of 166 million euros for the first quarter. This is more than analysts' expectations, but also gives signals for concern. The bank realized good politics for offering best UK fixed rate mortgage and marketing strategy in Western Europe for increase of customers. The profit before tax almost double the bank marked growth in the first quarter on an annual basis. Much of this however is limited due to significant reserves from last year, says FT. Profit from the traditional activities of the bank has contracted by 20 per cent of the turnover in corporate banking is 8 percent lower. Decline was observed for the revenue from fees and commissions as well as net interest income. When bad loans, an increase of 1 percentage point and they are already 9.8 per cent. The bank is among the largest in Europe and having good business management for decreasing the expenses and increase the efficiency of the structure.
Categories
- American Companies
- Asian Companies
- Australian Companies
- European Companies
- Half Year Report
- Monthly Report
- Quarter Reports
- Yearly Report
Useful Links
Calendar
Recent Comments
- zaki on Unilever with unexpected high profit
- alam on Unilever with unexpected high profit
- Tailynn on Veolia with a profit jump of 44 percent for the year 2009
- Alina Thornton on AT&T hardly increased its profit in the first quarter
- Darrell Hardaway on Adidas with profit increase with the support of the World Cup