Raiffeisen Romania Jan-Sep Net Profit Down 29% To EUR60M
Raiffeisen Bank International on Thursday reported a profit after tax of EUR60 million in Romania between January and September, down 29.1% from EUR85 million on the same interval of 2010, on increased costs.
The cost/revenue ratio increased to 62.6% from 59.7%, pointing to an increase in expenditure, while operating income was flat at EUR342 million.
The banking group notes in its nine-month financial report that it is prepared and has started to implement cost reduction measures in multiple countries in Eastern Europe, including in Romania.
The bank’s total assets in Romania widened by 10.9% in the timeframe analyzed, to EUR6.292 billion, from EUR5.674 billion.
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Ștefan Stan