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BUCHAREST (Romania), November 6 (SeeNews) - Austria's Raiffeisen International (RI) banking group said on Thursday its operations in Southeastern Europe (see) saw a 23.5% growth in pre-tax profit in the nine months through September to 430 million euro ($560 million).
RI's units in the see region include those in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Moldova, Romania, and Serbia.
"Southeastern Europe made the second-largest profit before tax, which amounted to 430 million euro. The earnings increase of [...] 82 million euro, was mainly based on solid growth of net interest and commission income and a continuing lean cost structure. Balance sheet assets grew by 22% compared with last year," RI said in a report.
As in the previous year, Southeastern Europe had the second largest share, 30%, of the consolidated assets, it said.
The nine-month net interest income rose by 36% in Southeastern Europe. In this period, 238 new outlets were opened in the region, including 146 in Romania and 49 in Bulgaria.
Raiffeisen International also said its goal for consolidated profit in 2008, which has been lowered by 5.0% due to the changed market situation, is now about 950 million euro.
Due to the current market environment, the bank said it will review its mid-term targets. The new targets will be announced at the publication of the full-year results for 2008 in March 2009.
Following are some of the figures presented in the RI income report, regarding its see operations (in millions of euro):
| Jan-Sept'08 | Jan-Sept'07 | percentage change | |
| Net interest income | 695 | 513 | 35.5% |
| Trading profit | 38 | 32 | 16.7% |
| Deposits from customers (Sept 30 vs Dec 31, 2007) | 13,871 | 12,868 | 7.8% |
| Loans and advances to customers (Sept 30 vs Dec 31, 2007) | 13,461 | 10,976 | 22.64% |
| Business outlets | 1,130 | 892 | 26.7% |
| Cost/income ratio | 52.1% | 54.6% | (2.5) PP |
| Average number of staff | 17,953 | 14,641 | 22.6% |
| Total assets | 26,209 | 21,490 | 22.0% |
| Profit before tax | 430 | 348 | 23.5% |
($ = 0.7683 euro)
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