Net profit grew 77 per cent, total assets increased by 137 per cent. 57per cent more customers. Cost/income ratio significantly improved.
Excellent results for 2004 have positioned Raiffeisenbank (Bulgaria)E.A.D. among the fastest growing institutions in Central and EasternEurope (CEE). At year-end 2004, the bank serviced 140.000 customers,which corresponds to an increase of 57 per cent. Total assets haveincreased by 137 per cent to BGN 2 billion (EUR 1,026 million).Reflecting this growth, Raiffeisenbank’s market share increased from 4.9 per cent at year-end 2003 to 8.0 per cent. Raiffeisenbank also significantly increased its net profit, which was 77 per cent higher than in 2003 at BGN 24.5 million (EUR 12.5 million).
“For the tenth year in a row, Raiffeisenbank grew significantly faster than the Bulgarian banking sector, resulting in increasing market shares solely through organic growth, while at the same time delivering excellent returns”, says Herbert Stepic, Chairman of the ManagingBoard of Raiffeisen International Bank-Holding AG (Raiffeisen International) and Deputy Chairman of Raiffeisen Zentralbank Oesterreich AG (RZB).
Raiffeisenbank almost doubled its core capital in 2004 but neverthelessmanaged to maintain considerably high return on equity (ROE) after taxof 37.6 per cent for 2004, after 38.0 per cent for the year before. Itscost/income ratio significantly improved from 52.2 to 45.3 per cent.Hence, the bank once again ranks among the most profitable and efficientfinancial institutions in the region.
In 2004, Raiffeisenbank has continued to expand its branch network. 15newly opened offices increased the total number of business outlets to52. The number of employees increased by 37.6 per cent to 809.
Raiffeisenbank (Bulgaria) E.A.D. Sofia, was established in 1994 and is asubsidiary of Raiffeisen International Bank-Holding AG (RaiffeisenInternational). Raiffeisen International is the holding company forRZB’s participations in CEE, managing a network of 15 subsidiary banks with more than 920 business outlets in the region. Its network banks rank among the three largest banks in seven CEE markets. Raiffeisen International is a fully consolidated subsidiary of Vienna basedRaiffeisen Zentralbank Oesterreich AG (RZB), RZB is a leading corporate and investment bank in Austria and the central institution of the Raiffeisen Banking Group, Austria''s most powerful banking group.