Profit of Raiffeisenbank Romania up 6-fold y/y in Q3.

By bne IntelliNews December 2, 2010
The net profit derived by Austria's Raiffeisenbank from its Romanian operations surged six-fold to EUR 33mn in Q3, Ziarul Financiar daily reported. The profit from operations increased by 6.1% y/y to EUR 121mn, while the cost of provisioning decreased by some 50% y/y to EUR 19mn. The provision cuts was attributed by a Raiffeisen report, quoted by the daily, to the credit portfolio restructuring and the selling of non-performing loans. The share of non-performing loans is reported at 8.6% of all loans. At the end of September, the stock of loans stood at EUR 4.1bn, up by 1.3% q/q and down by 2.2% y/y. Retail credits accounted for slightly over one-third of all loans, while the remainder were corporate loans. The share of foreign currency denominated loans decreased slightly to 61.8% as at end-September from 64.3% a year ago. The stock of deposits increased by 4.5% y/y to EUR 3.42bn.

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