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Public relations section
(All figures mentioned in this press release have been prepared in accordance with the local accounting legislation, which is grounded on the International Financial Reporting Standards (IFRS), and refer solely to the results posted by Raiffeisenbank (Bulgaria) EAD. The figures may also differ from the results reported by Raiffeisen Bank International for the Bulgarian market due to differences in the scope of consolidation)
Raiffeisenbank (Bulgaria) EAD reported a profit after tax for the first quarter of 2012 of BGN 10.6 million.
At the end of March 2012, Raiffeisenbank’s total assets amounted to BGN 6.34 billion, while loan portfolio reached BGN 5 billion, compared to BGN 4.69 billion in the first quarter of 2011, or up 6.4 per cent year-on-year. The bank's deposit base registered a stable growth of 5.6 per cent and at the end of first quarter of 2012 it stood at BGN 4.27 billion, compared to BGN 4.04 billion a year earlier. As of 31 March 2012 the loans to households grew by 8 per cent, compared to the same period last year to BGN 1.4 billion, while deposits from private individuals increased by 12 per cent to BGN 2.19 billion.
“Despite the uncertain environment, the bank continued to post stable growth of both loans and deposits and our new 37,000 customers are proof of the trust and the competitive terms we offer to the business and the individual customers,” commented Momtchil Andreev, Chairperson of the Management Board and CEO of Raiffeisenbank.
Capital adequacy ratio at 17.3%, the minimum requirement being 12%
As of 31 March 2012, Raiffeisenbank’s capital base amounted to BGN 827 million and the bank's total capital adequacy ratio (CAR) stood at 17.3 per cent, considerably above the 12% minimum established by Regulation 8 of the Bulgarian National Bank.
Customer base increases by 37,000 year-on-year
Raiffeisenbank continued to enlarge its customer base in the first quarter of 2012. As of 31 March 2012 it serviced 774,760 individual and corporate customers, compared to the 737,759 customers the bank serviced a year earlier, which was a growth of 37,000 customers year-on-year. (plus 5 per cent)
EUR 661 million of attracted long-term financing
Raiffeisenbank (Bulgaria) has further extended its support to the Bulgarian business by offering lending products at more favorable interest rates through the new EUR 50 million Credit Line from the European Investment Bank signed in the past quarter. Furthermore, under the terms of the amended Guarantee Agreement entered with the European Investment Fund under the Joint European Resources for Micro to Medium Enterprises (JEREMIE), the Bank will offer financing at preferential conditions to Bulgarian companies to cover not only investment projects, but also working capital needs.
As at the end of March 2012, the total amount of the long term financing attracted by Raiffeisenbank raised to EUR 661 million, of which EUR 371 million in credit lines and guarantee agreements with international financial institutions such as the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, KfW, the European Fund for Sourtheast Europe, etc.
The Raiffeisen group in Bulgaria
Raiffeisen Asset Management EAD
As of 31 March 2012, total net assets under management at the mutual funds of Raiffeisen Asset Management (Bulgaria) EAD reached BGN 141.78 million, which strengthened the company’s leading position among Bulgaria's asset management companies with market share of about 32 per cent. Raiffeisen Asset Management manages the two biggest mutual funds in Bulgaria – Raiffeisen (Bulgaria) Money Market Fund and Raiffeisen (Bulgaria) Protected EUR Fund. In addition to six local funds, Raiffeisen Asset Management offers 13 foreign funds from Raiffeisen Capital Management (Vienna).
Raiffeisen Leasing Bulgaria OOD
As of 31 March 2012, the total assets of Raiffeisen Leasing Bulgaria OOD and Raiffeisen Auto Leasing Bulgaria EOOD reached BGN 342 million. The leasing portfolio of the two companies stood at BGN 311 million. According to the statistical data from the Bulgarian National Bank and the Bulgarian Leasing Association, the market share held jointly by Raiffeisen Leasing Bulgaria OOD and Raiffeisen Auto Leasing Bulgaria EOOD stood at 9 per cent at the end of March 2012.
Raiffeisen Insurance Broker EOOD
Raiffeisenbank’s subsidiary Raiffeisen Insurance Broker EOOD is among the top 5 insurance brokerage companies in Bulgaria with a market share of 3.2 per cent offering insurance products from 16 companies.
Raiffeisen Real Estate EOOD
In the first quarter of 2012, Raiffeisen Real Estate EOOD posted an increase of the number of real estate deals by 18.5 per cent, compared to the same period in 2011.
The company offers its services through offices in the towns of Sofia, Plovdiv, Varna, Bourgas and Rousse.
Apart from its real estate brokerage services, Raiffeisen Real Estate EOOD provides investment and project consulting, market research and analyses.