Reiffeisen’s Q1-Q3 net profit 45% up y/y

Raiffeisen Bank Polska had consolidated net profit of PLN 172 million in Q1-Q3 of 2014, a 44.7 percent bump compared to the corresponding period of last year, the bank said in a statement. In Q3 alone, the bank saw PLN 80 million net profit, 45.2 percent more quarter-on-quarter. The significant improvement of the bank’s results was mainly due to cutting operating costs by 8.8 percent and lowering reserves. Raiffeisen’s gross profit for the first three quarters amounted to PLN 221 million, 48 percent higher year-on-year. In Q3, it stood at PLN 102.5 million, 46.8 percent more q/q.