Raiffeisen Hungary reports to EUR 20mn net loss in Q1 2012.

By bne IntelliNews May 25, 2012
The Hungarian unit of Raiffeisen Bank International reported a net loss of EUR 20mn in the first quarter of 2012 versus a net loss of EUR 10mn a year earlier, the Austrian parent bank said in a report. The negative outcome was due to a deterioration of the bank's operating performance. The operating income declined by 34.3% y/y on the back of a 32.6% y/y drop in net interest income and a 16.3% y/y decrease in net fee and commission income. The lender managed to cut the administrative expenditure by 16.8% y/y, which however was unable to offset the drop. Raiffeisen's net provisions for impairment losses were slightly down y/y to EUR 46mn. The bank's total assets declined 11.2% y/y to EUR 7.64bn as loans declined by 8.5% y/y to EUR 5.53bn.
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