Raiffeisen Bank Romania Expects RON272M Net Profit In 2011

05.04.2011 By Andrei Circhelan

Raiffeisen Bank Romania expects a net profit of 271.8 million lei (EUR66.7 million) in 2011, calculated by Romanian accounting standards, slightly up on the year, following investments of RON182.8 million.

"For the 2011 financial year, shareholders approved a forecast revenue of RON1.83 billion and expenditure of RON1.5 billion, which means a net profit of RON271.8 million under Romanian accounting standards," bank representatives told MEDIAFAX.

Under international financial reporting standards, the bank's profit rose last year by 12%, to EUR83 million, mainly due to a sharp decrease in provisions.

The bank will pay a dividend of RON0.013 per share, cumulating RON155.5 million or 57.6% of last year's profit.

Another shareholder decision was to increase the bank's share capital by RON3.74 million, to RON1.2 billion, using reserves.

At the end of 2010, the bank had assets worth a total EUR5.11 billion, up 9% on the year. Lending portfolio widened by 18%, to EUR3.04 billion, while deposits increased by 9%, to EUR3.69 billion.

Raiffeisen Romania is 99.49% owned by Austrian Raiffeisen Bank International AG. (EUR1=RON4.0744)