Are you sure?

Raiffeisen posts HUF 1.8 bn profit in H1

Raiffeisen Bank had after-tax profit of HUF 1.79 billion in H1 as interest revenue grew and write-offs and risk provisions fell, the bank's unaudited consolidated IFRS report for the period published late Tuesday shows.

Raiffeisen booked a HUF 3.29 billion loss in H1 2009.

The bank's net interest revenue jumped 81% to HUF 34.4 billion in H1 2010 from the same period a year earlier. Net revenue from commissions and fees fell 13% to HUF 10.3 billion.

Write-offs and risk provisions dropped 42% to HUF 21.3 billion. The balance sheet shows risk provisions of HUF 6.8 billion on June 30, up 24% from the end of December. Expenses rose 12.3% to HUF 47.1 billion.

Pre-tax profit was HUF 1.62 billion in H1 as against pre-tax losses of HUF 3.10 billion one year earlier.

Net loan stock rose 3.6% from the end of December to HUF 1,640 billion at the end of June. Clients' deposits fell 0.8% in six months to HUF 1,298 billion but the stock of securities issued by the group more than doubled to HUF 129 million.

Raiffeisen Bank had total assets of HUF 2,446 billion on June 30, up 3.6% from the end of December. Net assets inched down 1.2% to HUF 143.6 billion. (MTI-Econews)