Raiffeisen Bank, the third largest domestic bank in terms ofassets, last year gained 83m euros in line with IFRS, while in linewith Romanian accounting standards the profit reached 64meuros.
Provision expenses last year slid to 48m euros, 46% below the2009 level, when risk costs hit the highest level in the bank'shistory, of 88m euros.
"We believed we provisioned earlier than other banks. Moreover,we have a portfolio with a better quality than the market averageand this has helped us," said Steven van Groningen, Raiffeisen Bankchairman, during a press conference. He did not specify the rate ofoutstanding loans, though.
Boosting operating efficiency is still the top priority forRaiffeisen, considering revenues last year declined faster thancurrent expenses, which sent the cost/revenue ratio to 64.5%.
"Even with a loan boost, I do not know whether I can increaserevenues. It is very important for us to boost operatingefficiency," Steven van Groningen said.
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