Raiffeisenbank’s net profit in Czechia rose by 119 percent yr/yr to CZK 4.69bn in 2021 and its assets increased by 24 percent to CZK 511bn, according to the bank.
The volume of loans provided to clients grew by 5.3 percent to CZK 262bn.
Client deposits went up by 25.5 percent to CZK 420bn. The growth was driven mainly by the increasing balance on current and saving accounts of households, partly thanks to the takeover of ING Bank clients. In the case of businesses, the biggest increase was seen in fixed-term deposits.
“Since the beginning of 2021, when Raiffeisenbank in Czechia announced the acquisition of Equa bank, Akcenta and services for ING clients within a few weeks, it has been focusing on the integration of both clients and both employees, and the results show it coped with the uneasy task successfully,” CEO Igor Vida said.
The bank’s operating revenues grew by 16.5 percent to CZK 12.18bn.
Net interest income rose by 5.6 percent to CZK 7.65bn, mainly thanks to growing market rates.
Net income from fees and commissions increased by 21.1 percent to CZK 3.54bn.
Other revenues and expenses, including profits or losses from operations on financial markets and proceeds from dividends, improved by CZK 601.9m to CZK 735.6m.
Operating expenses rose by 2.2 percent to CZK 6.4bn, mainly due to expenditures on integration in the area of IT and consulting.
Raiffeisenbank has been providing banking services in the Czech Republic since 1993. It is majority owned by Austria’s Raiffeisen Bank International.
Out of other large banks on the Czech market, only UniCredit Bank Czechia and Slovakia has released its 2021 results so far. Its profit rose by 39.1 percent to CZK 6.62bn.
Source: Raiffeisenbank and CTK
