4. Raiffeisen Bank – €76 million
Raiffeisen Bank Romania, one of the country’s biggest lenders, posted a net gain of €74 million in a year that saw a market-wide increase in loan impairment charges and a steep downturn in the banking system.
In 2008, the bank had reported a net profit of €165 million, from €94 million in 2007.
“I believe we achieved a pretty good result, given the challenging economic climate. The decline reflects the sharp increase in bad loans provisions that almost doubled in 2009, but we managed to offset it by a healthy cost management and achieved a 7.4% cut in expenses”, said Steven van Groningen (photo), chairman of Raiffeisen Bank Romania.
Raiffeisen Bank’s total assets increased to €4.692 billion, as the bank outsourced loans worth €1.5 billion.
In 2008, the bank had reported a net profit of €165 million, from €94 million in 2007.
“I believe we achieved a pretty good result, given the challenging economic climate. The decline reflects the sharp increase in bad loans provisions that almost doubled in 2009, but we managed to offset it by a healthy cost management and achieved a 7.4% cut in expenses”, said Steven van Groningen (photo), chairman of Raiffeisen Bank Romania.
Raiffeisen Bank’s total assets increased to €4.692 billion, as the bank outsourced loans worth €1.5 billion.