RAIFFEISENBANK AUSTRIA
Raiffeisenbank Austria outperformed its competitors in Croatia, producing a 65.9% growth in net profits in 2005, a 20% RoE and a significant reduction in cost/income ratio to 50.5%.
It increased its market share measured by assets from 10.6% to 11%, with total assets and retail saving up 17%, all based on organic growth only.
The year was marked by the development of investments, growth of activities such as telephone and internet banking, and an expanding range of financial services and products. The bank maintained high market shares in trading securities and in derivative financial instruments, where it accounts for one third of the system. For regulatory reasons, it has focused on a stronger development of products and services than other Raiffeisen Group members.
Commenting on the bank’s performance, CEO Zdenko Adroviae says: “Raiffeisenbank started in 1994 as the first internationally owned bank in Croatia and has expanded its business solely through organic growth. From the very first day, it was a top bank on the local market and is distinguished by the quality of its services and products. Not only is the bank a strong player on the domestic market (being the country’s fourth largest financial institution), but so is the Raiffeisen Group as a whole, making it the most successful financial group in Croatia. The building society, pension insurance company and voluntary pension fund are all number one in their sectors, and the mandatory pension fund, Raiffeisen Invest and Raiffeisen Leasing are each the second largest institutions in their sectors.”
