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Raiffeisenbank achieves best result ever
20 May 2003
Raiffeisenbank (Bulgaria) AD’s result for 2002 is the best ever achieved since inception of the bank in 1994.
Total assets grew to BGN 588.6 million, which is an increase by 32.1%. Loans extended increased by 90.6% and reached BGN 442.3 million making Raiffeisenbank Bulgaria the 3 biggest lender to companies in the country. This means a market share of 8.5% in this segment. In the field of financing of state owned companies Raiffeisenbank became number 1.
The growth in customer loans stems mainly from increases in credits for existing customers, attraction of additional big and medium sized companies as well as from the new micro-lending program for small companies and professionals. The latter is especially successful with growth rates much higher than initially projected. Despite the enormous growth in the loan book the exceptionally high quality of the loan portfolio has been maintained.
At the same time also deposits grew by a remarkable 55.6% to BGN 404.4 million. Traditionally retail deposits contribute an important share. Based on this close relationship with private customers Raiffeisenbank also started providing housing and consumer loans for private clients, which are widely regarded as best value in the market.
Raiffeisenbank’s profit increased by 183.3 % to BGN 5.1 million reaching equally an all-time high of 19.24 % in Return on Equity (ROE) after taxes and provisions which is one of the best results in the Bulgarian banking market.
The number of branches increased to 30 by yearend 2002 and has in the meantime grown further to 32.
The results of the first quarter 2003 indicate a continuation of the excellent development of Raiffeisenbank Bulgaria.
Overall the Raiffeisen Banking Group has become the leading international banking institution in South-East Europe with 350 branches and 6,000 employees. In Bosnia-Herzegovina Raiffeisen is the market leader, in Kosovo number 2 and in Croatia the third largest bank. In Romania Raiffeisenbank Agricola ranks among the leading banks in the country and in Serbia and Montenegro the local Raiffeisenbank is by far the leading foreign owned bank.
