Raiffeisenĺs profit in Romania and Moldova chopped to half

The net profit reported by Raiffeisen group for its operations in Romania and Moldova fell 55% in first quarter, down to 17 million euros from a year earlier, while the total assets increased by 3.4%in January-March timeframe.
In the period ending in March 31, Raiffeisen International’s net profit for its subsidiaries in Romania and Moldova stood at 38 million euros.

Pre-tax profit equated 22 million euros, down 51.1% compared to prior-year quarter.

The banking group booked 119 million euros in operating revenues, down 22.7% from a quarter earlier, and 1.65% lower than Q1 2008.

The operating expenses of 67 million euros dropped 17.4% from fourth quarter 2008, but increased from 65 million euros a year earlier.

The return on equity after taxes stood at 15.5%, down 23.5 basis points, in contrast with last year’s result.

Costs/revenues ratio climbed to 56.4%, up 3.1 bp from end-2008.

Total assets hiked 3.4% in Q1, up to 6.78 billion euros

In January-March interval, the assets managed by Raiffeisen Group in Romania and Moldova rose to 6.785 billion euros, up 3.4% on a quarterly basis, and in one year’s time, the assets climbed 23.5%, from 5.5 billion euros.

Raiffeisen’s loan book shrank 4.79% to 4.38 billion euros in first quarter from a quarter earlier, as corporate loans account for 39% and retail loans 61%.

Fx-denominated loans took 65% share of Raiffeisen’s loan book in Romania and Moldova, reads the report remitted by the bank.

The bank reported a 5.6% quarterly decline in customer deposits in January-March interval, down to 3.33 billion euros.

Raiffeisen reduced headcount by 2% in Q1, to 6.762 versus 6.899 at the end of last year.

The customer base remained constant to 2 million, while the retail network was extended from 557 at the end of 2008 and 455 on March 31 2008 to 562.

Raiffeisen Bank has one subsidiary in Moldova, which started operating on January 31, 2006.

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