Raiffeisen Bank, a top ten bank controlled by Austrian groupRaiffeisen International, posted a 37 million-euro net profit inthe first quarter, 117% higher than in the similar period of 2009,after halving its loan-loss provisions, to 16 million euros.
According to data published by the Vienna parent bank, the bankposted a 2 million-euro net loss in the fourth quarter of 2009,after setting up 64 million euros in provisions, in the contextwhere Raiffeisen International consolidates all operations inRomania and the Republic of Moldova.
Bogdan Popa, the executive in charge of financial control andaccounting, says in the first quarter the rise of non-performingloans slowed down against previous periods, the first quarter of2009 included.
"As a result of the bank's prudent provisioning policy in 2009and the high degree of provision coverage, loan-loss provisionsfell significantly in the first quarter of this year," Popaexplained.
He added that the bank had cut its funding costs, benefitingfrom the improved liquidity in the banking system, which reflectedin lower pressure on attracting deposits.
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