Raiffeisen Bank S.A. recorded a profit after tax of EUR 88 M in 2012, according to a press release. The bank’s total assets amounted to EUR 5.31 bln, a slight decrease of 4 per cent compared to EUR 5.52 bln at year-end 2011. Total loans remained stable at EUR 3.52 bln (compared to EUR 3.53 bln in 2011). On the whole, the bank was able to maintain its loan portfolio despite the restrictive market conditions. The loan/deposit ratio slightly increased to 92 per cent (89 per cent in 2011). 2012 marked an improvement in the bank’s efficiency (costs dropped by 8 per cent), through efforts invested in streamlining processes and activities, at the same time further improving customer care standards. Following the bank’s measures to increase efficiency and diversify its income sources, the cost/income ratio improved to 59 per cent after 63 per cent at year-end 2011. “The market position of the bank, the permanent improvement of our efficiency and the continuous increase in the quality of our activities allowed us to maintain and diversify our income base in 2012. A strict control of costs and risks as well as further improvements in efficiency will remain our priorities in 2013. Apart of that, what we endeavor first is to create excellent experience for our customers in their interactions with us,” said Steven van Groningen, President and CEO of Raiffeisen Bank. With the local economy failing to enter a sustainable growth trend, net provisioning for impairment losses increased to EUR 78 M (EUR 48 M in 2011). The NPL ratio also grew, reaching 7.2 per cent after 6.4 per cent in 2011. The coverage ratio improved by 2 percentage points to 75 per cent as a result of Raiffeisen Bank’s prudent risk policy. Last year, Raiffeisen Bank increased its customer base by 60,000, which reflects both the market trust and the success of its strategy focused on home banking. The bank reaches approximately 2 million individuals, 105,000 SMEs and 7,500 companies. At year-end 2012, Raiffeisen Bank’s network numbered 525 outlets (543 in 2011), over 1,100 ATMs and 11,000 EPOS.