Net profits grew by 82%, following 80% growth in 2004, assets grew by 40% and RoE was maintained at an attractive 36.4%. The bank continued its branch network expansion by opening 23 new branches, bringing the total to 73. The retail portfolio grew by 277% in 2005, bringing the bank up to fifth in the rankings with a market share of 5.9%.
Raiffeisenbank was the first Bulgarian bank to launch its own network of mobile bankers for direct sales of retail products and at the end of 2005 had 106 mobile bankers. It is also a leader and innovator on the local corporate and mortgage debt origination market, achieving market shares of 57% and 41% respectively. The bank is strong in municipal financing, winning about 80% of the tenders offered in 2005, and it holds the number one position on local interbank foreign exchange and customer foreign exchange markets.
According to CEO Momtchil Andreev, the bank outperforms the market across all segments and achieves excellent results while continuing to invest in its products, staff, branch network and systems. “2005 was the first full year of Raiffeisen Leasing Bulgaria, which reached a market share of more than 4%, and we expect an even more dynamic development for the current business year. Raiffeisen also established an asset management firm, which complemented our product range with eight foreign and four local funds.”
