After-tax profit improved by 24 per cent to EUR 64.8 million. Balancesheet total up by 27 per cent to EUR 4.1 billion.
Raiffeisen Bank Rt., Budapest, reported strong profit growth for 2004.Pre-tax profit grew by 15 per cent to the equivalent of approx. EUR 88.6million, while after-tax profit increased by 24 per cent to approx. EUR64.8 million, both compared to the year-end 2003 figure. The balancesheet total surged by 27 per cent to EUR 4.1 billion (all figuresaccording to local accounting rules).
“Once again, the bank has demonstrated that it is on a sound track, displaying sustainable growth across all segments”, says Herbert Stepic, Chairman of the Managing Board of Raiffeisen International Bank-Holding AG (Raiffeisen International) and Deputy Chairman of Raiffeisen Zentralbank Oesterreich AG (RZB).
The corporate division, which serves some 19,000 corporate clients,accounted for a 27 per cent increase in its loan portfolio and the totaldeposit volume soared by 32 per cent compared to the end of 2003.Dynamic growth was also evident in the retail division. Customer numbersexpanded significantly to more than 233,000. Total volume of loans toprivate individuals increased to approx. EUR 382 million (+32 per cent),while the deposits exceeded the previous year’s figure by 49 per cent. Total assets managed by the private banking division grew by 47 per cent over the year, and have now surpassed EUR 400 million.
In 2004, Raiffeisen Bank initiated an intensive branch-network expansionstrategy, planning to open 73 new branches until the end of 2006. Lastyear, 25 new branches were opened, bringing the total number of outletsin the bank’s network to 72.
Raiffeisen Bank Rt., Budapest, is a subsidiary of RaiffeisenInternational Bank-Holding AG. Raiffeisen International is the holdingcompany for the RZB Group’s participations in Central and Eastern Europe (CEE), managing a network of 15 subsidiary banks with more than 920 outlets in the region. Its network banks rank among the three largest banks in eight CEE markets.
Raiffeisen International is a fully consolidated subsidiary ofVienna-based Raiffeisen Zentralbank Oesterreich AG (RZB), the centralinstitution of the Raiffeisen Banking Group, Austria''s most powerfulbanking group. RZB is a leading corporate and investment bank in Austria.