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Smaller provisions release weighs on RBI earnings in Hungary

MNB

Austriaʼs Raiffeisen Bank International (RBI) booked Q1-Q3 after-tax profit of EUR 57 million at its business in Hungary, falling 39% from the corresponding period a year earlier as provisions releases were smaller, an earnings report released Wednesday shows, Hungarian news agency MTI reported.

Net interest income fell 5% to EUR 99 mln, but net revenue from commissions and fees edged up 2% to EUR 98 mln.

RBIʼs business released EUR 19 mln in provisions in Q1-Q3, well under the EUR 48 mln in the base period.

The business had total assets of EUR 7.15 billion at the end of September, practically level with twelve months earlier.

The stock of client loans rose 12% to EUR 3.251 bln, while the stock of client deposits increased 8% to EUR 5.281 bln.

The non-performing loan (NPL) ratio narrowed from 9.3% to 6.3% during the period.

The business has about half a million clients.

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