RBI reports €81 million loss in Hungary through Q3
Yesterday’s release of a Q3 earnings report for Raiffeisen Bank International (RBI) showed that the financial institution has taken an €81 million loss on its Hungarian operations thus far in 2013. The loss narrowed from €97 million in the base period as net income from commissions and fees climbed and provisioning fell, the report shows.
Net interest income fell 16% to €149 million as the business’s net interest margin narrowed by 0.21% to 3.15%. But net income from commissions and fees jumped 47% to €84 million because of a transaction duty introduced at the start of the year. Net provisioning for impairment losses was down 34% at €97 million.
RBI’s Hungary-based business had total assets of €6.27 billion at the end of Q3, down 15% from twelve months earlier. Stock of client loans fell 5% to €5.16 billion and client deposits slipped 18% to €4.08 billion. Corporate loans accounted for 53% of lending stock and retail loans for 36%. Foreign currency-denominated loans made up almost 62% of the total.
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