Rising costs hit Raiffeisen even as bad debts fall
Raiffeisen, emerging Europe No.2 lender by assets, Canada Goose online cited an ongoing rebound in the region that encouraged it to trim the amount of cash it thought it might need to canada goose coats cover bad loans.is improvement in all regions but with canada goose clearance sale clear differences, Chief Executive Herbert Stepic told a news conference, adding that Germany roaring manufacturing sector was canada goose uk shop sucking in exports from several countries. [ID:nLDE6731CP] [ID:nLDE66S2CW] canada goose store [ID:nLDE67B0UL]Stepic said the main reason for cheap Canada Goose the difference was that his bank had Canada Goose Parka previously taken out canada goose coats on sale higher risk provisions than its competitors and that Raiffeisen business in Russia, where it dominates its rivals, had performed especially well.biggest rise in earnings was in Russia and the Commonwealth of Independent States, he said, adding that recent fires in Russia might knock 0.2 percentage points at canada goose uk black friday most off GDP growth there and would have a negligible impact on the bank.Provisions for bad loans fell to 265 Canada Goose Outlet million euros ($335 million) from 295 million in the canadian goose jacket first quarter, against analysts expectations for a rise, and were around half the level of a year earlier.Non performing loans were expected to Canada Goose Jackets peak in absolute terms in the fourth quarter of this year or the first quarter of 2011, Stepic said, though he added that individual countries might still see increases thereafter.MERGER ON TRACK Analysts welcomed the news of lower loan loss provisions but said Raiffeisen would not escape the broader weakness of the European banking sector.decline in loan loss provisions is certainly positive, but we are still a long way from canada goose clearance normal related website canada goose outlet https://www.canadagoosejacketca.ca values, said Cheuvreux analyst cheap canada goose uk Alfred Reisenberger.Quarterly net profit fell to 71 million euros from 100 million in the first quarter, below the average estimate of Canada Goose sale 91 million in a uk canada goose Reuters poll of analysts. Raiffeisen had posted net profit of 22 million euros in the second quarter of 2009.Net canada goose factory sale interest Canada Goose Online income and net commissions Canada Goose Coats On Sale were better than expected. [ID:nLDE67Q13Y]However, general administrative expenses jumped more than 6 percent from the first quarter and were 21 million uk canada goose outlet euros higher than buy canada goose jacket the poll average. The revaluation of some eastern European currencies as well as higher legal, consulting and IT costs had boosted expenses, Raiffeisen said.The deal will add RZB domestic corporate business and its wholesale banking unit to Raiffeisen franchise in 17 countries of the former Communist buy canada goose jacket cheap bloc.Shares in Raiffeisen have fallen 18 percent this year, lagging a 6.8 percent drop in the canada goose STOXX European banks canada goose black friday sale index.Its shares trade at 8.4 times forward earnings, according to Thomson Reuters StarMine, a discount to peers in Poland or the Czech Republic, reflecting uncertainty about recoveries in the weaker parts of emerging Europe to which canada goose uk outlet Raiffeisen is exposed. (Additional reporting by Boris Groendahl and Sylvia Westall in Vienna; Editing by Michael Shields) ($1=.7861 Euro).
