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    Raiffeisenbank (Bulgaria) EAD doubles its total assets at the end of third quarter 2005 compared to the same period in 2004. Net profit grows by 76,98 per cent. 20 new offices opened in 2005.


    Raiffeisenbank (Bulgaria) EAD reports BGN 35,52 mln. third-quarter profit after tax, an increase of 76,98 per cent, compared to the same period last year.

    Total assets exceed BGN 2 560 mln.

    The balance-sheet total of Raiffeisenbank (Bulgaria) EAD reached BGN 2 560,2 mln. in the third quarter of 2005, corresponding to an increase of 96,29 per cent compared to the third quarter of 2004. Compared to year-end 2004 this represents a growth of 27,64 per cent. Raiffeisenbank's Market share reached 8,62 per cent in terms of total assets, which positions Raiffeisenbank (Bulgaria) EAD at 4th place in the Bulgarian banking system (compared to 6th place in September 2004). In an environment of loan restrictions, at the end of September 2005 the loan portfolio of Raiffeisenbank (Bulgaria) EAD grew by 35,43% to BGN 1 249,10 mln, compared to the same period last year, while preserving the excellent quality of the assets. Customer deposits went up by 122,36 per cent to BGN 1 588,78 mln. compared to September 30th 2004.

    Efficiency ratios

    Raiffeisenbank continues to be among the most profitable and efficient financial institutions in Bulgaria for the third quarter of 2005 with a Return on Equity (RoE) after tax of 33,01 per cent compared to 32,83 per cent at the end of 2004. The bank maintains an excellent cost/income ratio of 47,93 per cent, whereas the return on Assets (RoA) after tax improved to 2,36 per cent compared with the 2,1 per cent in December 2004.

    Increase of the total own funds

    As of September 30, 2005 the total own funds of Raiffeisenbank (Bulgaria) EAD reached BGN 198 mln, which corresponds to 72 per cent growth compared to September 30, 2004 and 28 per cent increase compared to December 31, 2004.

    Relationship with financial institutions

    At the end of September 2005, the total amount of the mid/to/long-term credit lines, attracted by Raiffeisenbank (Bulgaria) EAD reached EUR 230 mln. During the year, the bank has signed and fully utilised the biggest Syndicated loan, ever granted to a Bulgarian financial institution, by 32 leading international banks to the amount of EUR 150 mln. Raiffeisenbank (Bulgaria) EAD has signed a credit facility with the European Bank for Reconstruction and Development (EBRD) to the amount of EUR 10 mln to finance energy efficiency and renewable energy projects of private individuals and has been successfully utilising the credit line amounting to EUR 10 mln from KfW Bank group aimed at financing of small and medium enterprises' investment projects.

    Treasury and Investment banking

    In 2005 Raiffeisenbank (Bulgaria) EAD further strengthened its outstanding position as a Lead Manager on the Bulgarian market of debt origination. For the third quarter 2005 the bank structured and placed 11 new bond transactions for the amount of EUR 114 million and has been nominated as a Lead Manager of 7 new forthcoming issues of local companies and banks amounting to EUR 50 mln. Until September 2005 Raiffeisenbank (Bulgaria) reached 75 per cent market share of the total volume of new debt instruments of local issuers. The bank remains the leader on the Bulgarian interbank foreign exchange market, as well as in the field of customers’ foreign exchange transactions.

    Leader in financing the Bulgarian SMEs

    During the third quarter of 2005 the SME loan portfolio has been growing faster than the market and registered an increase of 66,3 per cent compared to September 30, 2004 and 46,32 per cent compared to December 31, 2004. In the third quarter of 2005 Raiffeisenbank developed and launched for the first time on the Bulgarian bank market a new loan product – Online Small and medium enterprises Loan suitable for their special needs. Online SME Loan allows SMEs and professionals to apply online for loans via RBBG web page as well as through major Bulgarian web sites.

    Raiffeisenbank recorded a strong increase in its Retail loan portfolio

    In 2005 Raiffeisenbank continued to expand its market share in Retail banking as the retail loan portfolio increased by 303,23 per cent to BGN 281,6 mln at the end of September 30, 2005, compared to the September 30, 2004 and by 192,21 per cent compared to December 31, 2004. The number of issued cards by the bank – Maestro and Visa has increased by 102 per cent year-on-year basis and by 82 per cent, compared to year-end 2004.

    Raiffeisenbank expanded its branch network and alternative distribution channels

    In the third quarter Raiffeisenbank (Bulgaria) EAD increased substantially its network of mobile bankers. Currently the bank has 100 qualified consultants with excellent communication skills offering bank’s products in 10 cities. The service is unique for the Bulgarian market, but it is typical for the banks from the RZB Group. The RBBG's branch network reached 69 sales points. In the third quarter only the bank has opened 9 new offices in the towns of Razgrad, Sevlievo, Karnobat, Sofia, Karlovo, Kardjali, Doupnitza, Dimitrovgrad and Targovishte.

    International awards

    At the beginning of September 2005 Raiffeisenbank (Bulgaria) EAD for the first time was selected as Bank of the Year 2005 by The Banker magazine, part of the Financial Times Group. The title „Bank of the Year” was awarded by The Banker for different regions, countries and categories. It is considered to be one of the most prestigious business awards. The decision is not only based on quantitative criteria, such as total assets or earning power, but also the development of state-of-the-art technical infrastructures and future-oriented strategies and their implementation. RZB Group gets seven awards from The Banker.


    Raiffeisenbank, the banking unit of the RZB Group in Bulgaria, was established in 1994. The bank is 100 per cent owned by Raiffeisen International, the holding company for RZB's subsidiaries in Central and Eastern Europe (CEE). RZB owns 70 per cent. Raiffeisen International operates the leading banking network in CEE with network banks and leasing companies in 16 markets. More than 9.2 million customers are served through almost 2,400 business outlets. Raiffeisen International's shares are traded on the Vienna Stock Exchange


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