Raiffeisen Bank posts record net profit of EUR 189 mln in 2018

Sorin Melenciuc 13/03/2019 | 15:49

Raiffeisen Bank has posted in 2018 a net profit of RON 881 million (EUR 189 million), up 79 percent against the previous year on higher lending.

The bank, owned by Austria’s Raiffeisen Bank International, registered assets of RON 40 billion at the end of last year, up 11 percent compared to end-2017.

The bank’s loans to its customers rose by 19 percent last year to RON 26.7 billion while deposits increased by 11 percent to RON 33.1 billion.

“2018 is the year with the best results of the bank so far, and this translates into the fact that we are a responsible lender of the Romanian economy, the loans granted to the clients are close to EUR 6 billion, we have about 5,000 employees and we are one of the most important contributors to the state budget,” said Steven van Groningen, president & CEO of Raiffeisen Bank.

On Wednesday, Raiffeisen Bank International (RBI)’s CEO said that it will reevaluate its operations in Romania after the government imposed the new tax on assets through the emergency decree 114/2018 approved in December.

Raiffeisen’s Romanian subsidiary has assets of EUR 8.97 billion, or 6.4 percent of the group’s assets, and is the 5th largest bank in Romania in terms of assets.

The bank said the impact of the new tax could not be quantified yet.

In Romania, Raiffeisen’s main initiatives are to “scale up retail customer base while optimizing footprint” and a “clear focus on risk/return in corporates, diversification of revenue streams,” according to the bank’s report.

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