The bank’s profits passed the billion euros line for the first time, and its assets and Tier 1 capital are significantly stronger than in the previous 12 months. The acquisitions of OAO Impexbank in Russia and eBanka in the Czech Republic consolidated RZB’s leading position in central and eastern Europe.
“RZB continued its successful growth path during the 2006 business year and achieved a record result for the seventh time in a row,” says chief executive Walter Rothensteiner. “Profit before tax surged from €930m last year to €1882m this year. Even when discounting a one-off effect of €596m (resulting from the sale of Raiffeisenbank Ukraine and the minority share in Bank TuranAlem in Kazakhstan), RZB has crossed the €1bn line for the first time with a pre-tax result of €1286m. In the first half of 2007, RZB is continuing its expansionary course in its home markets in Austria and central and eastern Europe. Consolidated profit for the half year (ie. the profit for the period after tax and minorities) rose by 35% to €480.8m.
“The results prove once again that RZB holds a good strategic position. Not only does it have sustained earning power, but also continues to grow clearly faster than the market, as a result of which it has further improved its market position both in Austria and central and eastern Europe. Even when taking out the one-off effect, the profit for the business year still grew by more than 38%, another record.”
