Raiffeisen's CEE banking unit boosts profit by 32 per cent
Vienna - Raiffeisen International, an Austrian operator of banks in Europe's new market economies, boosted first-quarter net profit by 32 per cent on strong growth in the former Soviet Union, the company said Thursday.
Net income rose to 254 million euros (393 million dollars), a quarterly record, from 193 million euros a year earlier. Earnings per share rose 0.30 euros to 1.65 euros.
Chief executive Herbert Stepic said the result shows that turmoil in financial markets "has only limited influence on our business model and our growth path."
Raiffeisen's banks in Russia, Ukraine and Belarus paced earnings with a 65-per-cent rise in pretax income to 133 million euros (206 million dollars), the group said.
South-eastern Europe, where Raiffeisen has strong presences particularly in Serbia and Albania, contributed a third of pretax profits.
Raiffeisen International's majority owner is Vienna-based RZB Group, Austria's third-largest bank. (dpa)
