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    Raiffeisenbank (Bulgaria) EAD with BGL 6,1 Mio. profit by March 31, 2004

    • Balance sheet total by 70,1% to BGL 925 Mio., compared to March 31, 2003 and 9% compared to December 31, 2003.
    • Increase of profit after tax up by 48% to BGL 6,1 Mio., compared to March 31, 2003.
    • Number of customers grew by 61,5% compared to March 31, 2003 and 10,4% compared to December 31, 2003.

    Improved efficiency ratios:
    Return on Equity (RoE) after tax of 55% compared to 34% in 2003;
    Return on Assets (RoA) after tax of 2,7% compared to 2% in 2003;
    Cost/Income Ratio 46% compared to 52% in 2003.

    During the first quarter of 2004 Raiffeisenbank (Bulgaria) EAD continued its dynamic growth, as in comparison with the same period of the previous year, the loan portfolio of the bank increased by 80% to BGL 728 Mio., by maintaining a very good quality of the assets, while customer deposits went up by 41 % to BGL 567 Mio.

    In support of the dynamic growth of Raiffeisenbank (Bulgaria) EAD, its 100% owner Raiffisen International Bank-Holding AG increased the main capital of the bank with BGL 19,5 Mio., from BGL 26,5 Mio. to BGL 46 Mio., as the total capital base increased from BGL 78,7 Mio. to BGL 110,6 Mio.

    The new products “Pharmazevt”, “Medic”, “Avtocredit”, mortgage credits for small and medium enterprises (SME) with reduced procedure for credit analysis etc., were accepted very well by the customers.

    The Branch network of Raiffeisenbank continued to expand, as by March 31, 2004 the operating offices were 38 and the bank will open 9 more offices during the second quarter of this year.

    During March 2004 Raiffeisenbank signed new loan agreements for a total of Euro 40 Mio. with the European Bank for Reconstruction and Development and the European Investments Bank. The funds will be used for financing investment projects, offering new job opportunities in the small and medium business in Bulgaria, as well as for projects in the field of environmental protection, development of the infrastructure, industry and tourism.

    Raiffeisenbank continued to expand its market share in the Retail banking by offering new conditions on deposits for customers, mortgage and consumer loans.

    During March 2004, Raiffeisenbank (Bulgaria) EAD and Raiffeisen Leasing International have registered a joint leasing company Raiffeisen Leasing Bulgaria OOD. The company will work both with corporate clients and private customers and will finance purchase of means of transport, automobiles, production and specialised equipment and real estate.


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