12 Oct 2009 15:37

Raiffeisenbank boosts Q3 net profit 130% to 1.3 bln rubles

MOSCOW. Oct 12 (Interfax) - Raiffeisenbank posted a net profit of 1.310 billion rubles in the third quarter of 2009, 130% higher than the net profit of 577.2 million rubles in the second quarter, the bank said in a statement.

Raiffeisenbank said steady profit from operations and stabilizing asset quality was responsible for the increase.

It was reported earlier that Raiffeisenbank posted a net loss of 1.1644 billion rubles in the first quarter of 2009. Hence, net profit in the first nine months was 722.358 million rubles.

Net profit in the first nine months last year was 860% higher at 6.909 billion rubles.

Raiffeisenbank is a 100% subsidiary of Austrian banking group Raiffeisen International.

Raiffeisenbank was the ninth biggest Russian bank by assets according to the Interfax-100 list as of the end of the first half of 2009.