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• Asset value gained 2% to 4.67 billion EUR
Raiffeisen Bank Romania concluded the first six months of the year with a net profit of 52.6 million EUR, despite adversities on the lending market. However, the figure reported for H1, 2009 is by 28.9% smaller than the 74 million EUR reported for the first half of 2008, according to a press release from the bank. The bank also reported a stable operating profit of 106 million EUR at the end of June 2009, despite contextual difficulties on the market. The value is similar to what was reported for the first half of 2008.
"The results of the first half of the year are very good, considering the current economic context. We managed to offset most of the increase in the cost of provisions, the slight decrease in revenues and the unfavourable depreciation of the RON/EUR exchange rate though careful cost management. We are also benefiting from the results of a prudent risk management policy, which has enabled us to develop a solid portfolio and balanced exposure on different segments and industries," said Steven van Groningen, President of Raiffeisen Bank Romania.
"Although we compare, as usual, the results reported in June this year to the results reported for the same period a year ago, we need to consider the significant changes that occurred on the market between the two reporting periods," van Groningen added.
The RON-denominated total net revenues of Raiffeisen Bank Romania remained stable, but the EUR-denominated value decreased by 14%, in line with the depreciation of the Romanian currency between June 2008 and June 2009. Human resources costs decreased by 8%, while administrative costs increased by 1%, helping the bank improve the cost-to-revenue ratio from 56% to 55.3%.
The total value of the bank"s balance sheet assets increased by approximately 2% to 4.67 billion EUR, from 4.56 billion EUR on 30 June 2008. The value of loans disbursed to customers remained constant in RON but lost approximately 14% in EUR-equivalent, while the value of deposits made by customers gained 7% in RON and lost 7% in EUR-equivalent.
Raiffeisen Bank managed to significantly expand the number of branches in the reporting period, from 496 branches at the end of June 2008 to 558 branches a year later. The number of employees reached 6,512 at the end of H1, 2009. The bank currently has a customer portfolio of 1.97 million individual customers, nearly 100,000 small- and medium-sized businesses and over 6,800 corporations.
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