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Raiffeisen profit in Hungary slips 22% in Q1

Raiffeisen Bank International (RBI) booked EUR 14 million in after-tax profit at its business in Hungary in the first quarter, down 22% year-on-year, an earnings report released Tuesday shows.   

Net interest income edged down 3% to EUR 34 mln, while net revenue from commissions and fees was flat at EUR 31 mln, Hungarian news agency MTI reported.

The business freed up EUR 10 mln in provisions in Q1 after freeing up EUR 14 mln in the base period. 

The business had total assets of EUR 7.258 billion at the end of March, up 7% from twelve months earlier. The stock of client loans increased 16% to EUR 3.148 bln, while the stock of client deposits also rose 16% to EUR 5.320 bln. 

The ratio of non-performing loans (NPLs) narrowed to 8.0% during the period, down from 13.9%.

The business in Hungary has about half a million clients, MTI noted.