Raiffeisen Hungary books €10 mln profit in Q1

Telco

The Hungarian subsidiary of Austriaʼs Raiffeisen Bank International (RBI) booked a €10 million profit at its business in the country in the first quarter of the year, recovering from a €21 mln loss in the same period a year earlier, an earnings report published today shows, according to reports.

Operating results fell to €21 mln in the period from €24 mln a year earlier and whole net interest income fell to €30 mln from €36 mln, according to Hungarian news agency MTI. Net income from commissions and fees was down at €27 mln from €31 mln, MTI added. General administrative expenses also dropped, to €35 mln compared to €42 mln earlier. The Hungarian subsidiary’s cost-to-income ratio decreased by 0.5 percentage points to 63%. 

The business had total assets of €6.34 billion at the end of March, down from €6.7 bln as compared to the same period a year earlier, MTI said. The Hungarian unitʼs number of branches fell to 72 from 114 during the period, with the number of staff dropping to 2,016 from 2,234.

Although client numbers slipped to 545,122 from 565,198, and stock of client loans fell to €3.55 bln from €4.6 bln, client deposits increased to €4.11 bln from €4.08 bln, and the share of corporate loans in the portfolio was 68%, the share of retail loans 27.7%, according to MTI.

For the bank levy a €20 mln decline was reported in the first quarter due to the halving of the levy, MTI reported, adding that in accordance with IFRS provisions the total annual amount was booked at the start of the year, RBI said.

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