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Raiffeisen Bankʼs net income up from last yearʼs loss

Telco

Raiffeisen Bank booked first-half net income of HUF 2.4 bln, improving from a loss of HUF 29.6 bln in the same period a year earlier as provisions were freed up and costs fell, an earnings report published after the close of markets on Tuesday shows. 

Raiffeisen Bank freed up HUF 8.9 bln in provisions "as the result of the positive close of an official probe", the lender said. Operating costs fell 29.9% to HUF 49.7 bln as Raiffeisen Bank continued to streamline its business in Hungary, as announced earlier. The bank also noted that its Austrian owner had raised its capital by HUF 43.6 bln in H1.

Net interest revenue fell 8.4% to HUF 19.9 bln as Hungaryʼs central bank continued an easing cycle. Net revenue from commissions and fees rose 1.8% to HUF 16.6 bln. Raiffeisen Bank had total assets of HUF 1,927.4 bln at the end of June, down 7.7% from the end of last year. Net assets were down 46.3% at HUF 146.8 bln. Net stock of loans fell 6.4% to HUF 1,052.0 bln. Client loans dropped 9.6% to HUF 1,197.9 bln.

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