Raiffeisen profit - Raiffeisen Bank Romania sees 57% y/y hike in H1 net profit, to EUR 74m

Raiffeisen Bank Romania, the local arm of Austrian group Raiffeisen International, reported a net profit of 74 million euros in the first half of 2008, 57 percent higher compared to the similar period last year, on advance of assets.

The lender posted a 47.2 million euros net profit in the first semester of 2007. The six-month profit before tax stood at 89.3 million euros in 2008, compared to 53.5 million euros last year.

The bank's assets climbed 16 percent to 4.57 billion euros at the end of June over the similar period in 2007.

Credits granted by the end of this semester totaled more than 2.9 billion euros, 40 percent up from last year. Clients' deposits grew 16 percent to over 3.5 billion euros.

Administrative and personnel expenses climbed 18 percent. The revenues from interests went up 35 percent to 117 million euros, and revenues from commissions hiked 39 percent to almost 117 million euros.

Raiffeisen Bank Romania owns a network of 500 bank units, 964 ATMs and almost 8,000 points of sale (POS).

The lender reported 2.1 million retail clients (out of which 120,000 SMEs) and over 4,400 corporate clients at the end of June.

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