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Austria's Raiffeisen improves outlook, confirming Q2 profit jump
August 10, 2017 / 6:04 AM / in 2 months

Austria's Raiffeisen improves outlook, confirming Q2 profit jump

VIENNA, Aug 10 (Reuters) - Austria’s Raiffeisen Bank International on Thursday announced an improved outlook for the year on the back of a jump in second-quarter profit as economic conditions in eastern Europe improved and write-downs shrank dramatically.

Raiffeisen, which operates across eastern and southeastern Europe, made a surprise announcement last month that its second-quarter net profit would be better than expected at around 365 million euros ($428.6 million), compared with 125 million euros in the same period a year earlier.

It narrowed the figure to 367 million euros on Thursday and raised part of its outlook, predicting net provisioning for impairment losses would be significantly below last year’s level rather than just below it. (Reporting by Francois Murphy; Editing by Michael Shields)

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