BUDAPEST: Austriaʼs Raiffeisen Bank International (RBI) booked a €21 mln loss at its Hungarian business in the first quarter, narrowing fromln a €33 mln loss in the base period, an earnings report published yesterday reveals. Net interest income fell 17% to €36 mln as the result of less interest income from derivatives and securities as well as lower interest rates, RBI said.
Net income from commissions and fees fell 4% to €31m. General administrative expenses were flat at €42 mln. Net provisioning for impairment losses was down 24% at €14 mln. The decline was largely driven by the retail segment, RBI said. The businessʼs loss on the “other results” line, where it books the bank levy, narrowed by 12% to €31 mln.
The businessʼs cost-to-income ratio fell 1.2 percentage points to 63.5%. RBI noted that €9 mln in provisions related to the settlement of compensation it was required to pay clients under borrowers relief legislation was released. The business had total assets of €6.7 bln at the end of March, up 7.5% from twelve months earlier.
