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    Raiffeisenbank (Bulgaria) EAD with BGN 1,190 Mio total assets and BGN 16,9 Mio. profit before tax by June 30, 2004

    • Balance sheet total grew by 76,9% to BGN 1,190 Mio., compared to June 30, 2003 and 40,5% compared to December 31, 2003.
    • Increase of profit before tax by 54,3% to BGN 16,9 Mio., compared to June 30, 2003.
    • Number of customers grew by 58% compared to June 30, 2003 and 24% compared to December 31, 2003.

    Efficiency ratios were further improved:
    Return on Equity (RoE) before tax of 53,8% compared to 45% in 2003;
    Return on Assets (RoA) before tax of 4,3% compared to 3% in 2003;
    Cost/Income Ratio 47% compared to 53% in 2003.

    During the first half of 2004, compared with the same period of the previous year, the loan portfolio of Raiffeisenbank (Bulgaria) EAD increased by 60% to BGN 803 Mio., by maintaining a very good quality of assets. The relevant share of loans in total assets decreased form 78% at the year end 2003, to 67,5% by June 30, 2004. Customer deposits went up by 42,4 % to BGN 634 Mio.

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

    The new SME products have proved popular with customers: “Pharmacy loan”, “Medic”, “Car loan”, mortgage credits for companies with reduced credit analysis procedure, Microloan for the small business etc.

    The Branch network of Raiffeisenbank has expanded by 9 offices, as at June 30, 2004 there were 45operating offices. The bank plans to open 8 new offices during the second half of the year.

    During the first half of 2004 Raiffeisenbank was a Lead Manager of corporate bonds with 5 new mandates and successfully launched and structured 3 bond issues with a total nominal value of BGN 24 Mio. In that period, the bank signed 3 new loan agreements for a total of Euro 115 Mio. with the Council of Europe Development Bank, second loan agreement with the European Investments Bank and the largest syndicated loan ever arranged for a financial institution in Bulgaria, with Lead Managers Deutsche Bank and West LB in a syndicate of 18 banks.

    Raiffeisenbank continued to expand its market share in Retail banking by offering new 2 and 3 year deposits for customers, a special product for the purchase of Schüco PVC windows and doors, mortgage and consumer loans. From the beginning of June the information call centre of the bank was activated. For the cost of a local call, customers can receive information on products and services offered by Raiffeisenbank, as well as answers to their inquiries on retail products.

    During March 2004, Raiffeisenbank (Bulgaria) EAD and Raiffeisen Leasing International have registered a joint leasing company Raiffeisen Leasing Bulgaria OOD. The company works both with corporate clients and private customers and finances the purchase vehicles, production and specialised equipment and real estate.


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