Raiffeisen Bank Reports First-Quarter 2019 Results Distorted by One-Offs
Raiffeisen Bank reported first-quarter results of EUR 226 million compared with EUR 399 million for the same period last year. Although the 43% drop in the bottom line appears alarming, we think this quarter was not as dramatic and underlying performance was robust. Operations and results have been impacted by the sale of its Polish core banking operations, negative valuation effects on derivatives held for hedging purposes, and impairment reversals that boosted the comparable period last year. ...Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million
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