Dow Jones Stock Market Today – Raiffeisen Bank International 1Q Net Profit Grew on Lower Impairments
By Pietro Lombardi
Raiffeisen Bank International AG on Friday posted higher profits for the first quarter, helped by lower impairments on financial assets.
The Austrian banking group’s quarterly net profit rose 22% to 216 million euros ($260.6 million).
Operating income fell roughly 11% to EUR1.26 billion, as both net interest income and fees and commissions declined.
However, the bank reported lower expenses, which couple with a 49% decline in impairments on financial assets, supported the bottom line.
The bank expects return on equity to improve this year and targets an 11% ROE in the medium term. The provisioning ratio for this year is expected to be around 75 basis points.
Write to Pietro Lombardi at [email protected] Zoom.com; @pietrolombard10
(END) Dow Jones Newswires
May 07, 2021 02:08 ET (06:08 GMT)
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