RZB Reports Significant Increase in Profit

Professional ServicesBanks ♦ Published: August 30, 2011; 12:19 ♦ (Vindobona)

Profit before tax for the period up 60.5% to € 877m, with consolidated profit increasing 21.5% to € 488m. Net allocations to impairment loss provisioning were reduced by 32%.

RZB Reports Significant Increase in Profit / Picture: © Raiffeisen Zentralbank Österreich AG / Peter Rigaud

The Group of Raiffeisen Zentralbank Österreich AG (RZB) further improved key earnings components and ratios in the first half of 2011 compared to previous periods. Against the backdrop of slightly stronger economic conditions in the core market of Central and Eastern Europe, the result was once again marked by a reduction in provisioning for impairment losses combined with a higher…