The Austrian-based Raiffeisen Zentralbank
Österreich (RZB) Group has posted a 38 percent jump in pre-tax
profits to €824 million ($1 billion) for fiscal 2009, from €597
million a year earlier.
The group’s cost-income ratio improved by 1.6
percentage points to 51.9 percent, but deposits and loans were down
6.3 percent and 11.8 percent at €55.4 billion and €74.8 billion
respectively. The number of outlets also dropped 6.5 percent
to 3,039.
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The bank said the profit jump represents “a
significant accomplishment” against the backdrop of a difficult
economic environment and that it had maintained an “excellent
position” in Austria and Central and Eastern Europe (CEE) where its
subsidiary Raiffeisen International is an active player
(see RBI 629).
This is despite Raiffeisen International
posting a 74 percent plunge in pre-tax profits to €368 million,
with exposure to crisis-hit CEE particularly pronounced.
But the bank remained upbeat and said the
group’s positive result still underlines the strength of the bank
when seen in light of the sharply deteriorated economic environment
and the record result that Raiffeisen International posted in
2008.
RZB announced plans to merge with Raiffeisen
International last month.
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