Raiffeisen Bank assets down 5pc in Romania and Moldova

The assets of Raiffeisen International in Romania and in the Republic of Moldova in Q1 were down by 4.9 per cent to EUR 5.86 bln, and the bank’s results on the Romanian market were sustained by cutting customer deposit-related costs and by reducing exposure on inter-bank loans, Raiffeisen International states in its quarterly report cited by Mediafax. The after-tax profit registered by Raiffeisen in Romania in Q1 registered over two-fold growth as compared to the similar period in 2009, from EUR 17 M to EUR 37 M, after a EUR 2 M loss posted in Q4 2009, a bank document reads. Raiffeisen’s credit balance is of EUR 4.12 bln and deposits amount to EUR 3.3 bln. In the first quarter, in Romania, the bank had the best growth of net interest income in SE Europe compared to the same period last year, primarily thanks to cutting costs in connection with the interest rates paid on deposits and curbing credit costs on the inter-bank market. The net interest income the bank reported in the area was up by 2 per cent to EUR 222 M. Raiffeisen’s net fee and commission income dropped by 10 per cent to EUR 90 M, with 20 M being made on the Romanian market where the bank again had the best result in CE Europe, according to the report.

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