BUSINESS

RBI profit in Romania doubled in first nine months, to EUR 85 M

The profit made by the Austrian bank Raiffeisen Bank International (RBI) in Romania doubled by the end of September 2010, rising to EUR 85 M, owing mainly to the steep drop in provisions for under-performing credits. The bank allotted lower provisions to Romania for credits granted to corporate and retail clients, thanks to a more generous portfolio, restructuring measures and the sale of underperforming loans, is stated in a report by the Austrian financial group, quoted by Mediafax. In Q3, RBI reported a EUR 33 M profit after tax in Romania, compared to merely EUR 5 M for the same interval of 2009, a rise due also, preponderantly, to the reduction of provisions. “Romania is the largest market in South-Eastern Europe and is very important for RBI and its overall results,” the CEO of RBI, Herbert Stepic, stated.

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