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Raiffeisenbank announces its 2008 IFRS accounting results

ZAO Raiffeisenbank concluded the year 2008 with good results, having demonstrated an asset increase of 39% since 2007 (the amount rose to 619.3 billion roubles from 444.2 billion roubles in 2007). This means that Raiffeisenbank ranked ninth in asset holdings among Russias largest banks (according to data from Interfax-CEA for the end of 2008).

Profit before tax came to 15.7 billion roubles (2007: 8.9 billion roubles); the net profit was 11.2 billion roubles (2007: 6.7 billion roubles), which is a 67% improvement over the figures for 2007. These results made the bank the most profitable of all of Raiffeisen International Groups banks. The total equity of Raiffeisenbank increased by 45%, reaching 74.4 billion roubles (2007: 51.5 billion roubles).

Regardless of the beginning of the development of crisis-related phenomena in September 2008, Raiffeisenbank showed commendable results last year. This was first and foremost due to the intelligently implemented management risk policy, including all the major points of risk-management organisation, from risk analysis and risk-management system effectiveness estimates to the creation of reaction methods aimed at minimising negative risk events in the banking activity implementation process. Additionally, a long-term, balanced bank development strategy, the diversification of products offered, the high quality of available services, and a widely developed branch network are important factors for overcoming the results of the unfavourable events on the banking market. We believe that our conservative approach to conducting business and our well-thought-out risk-management policy will help the bank achieve the results planned for 2009 and remain a reliable partner for our clients, noted Pavel Gurin, Chairman of the Board of ZAO Raiffeisenbank.

In April 2008 ZAO Raiffeisenbank signed an agreement to attract US$1 billion in syndicated credit, which was the most significant syndicated credit attracted by a Raiffeisen International Group bank on the Central and Eastern European markets.

The development of the corporate client service and financing segment is traditionally one of the bank's key spheres of activity; its portfolio of credits issued to corporate clients in 2008 totalled 258 billion roubles. The bank had the eighth-largest corporate credit portfolio volume amongst leading Russian banks in 2008.

Raiffeisenbank continues to be one of the leading players on the corporate financing and investment-banking operation market. Over the last year, the bank acted as the organiser of 14 corporate bond issues, whose total nominal price came to more than 78 billion roubles. In 2008, ZAO Raiffeisenbank was in the third place in the Cbonds information agency's rating of organisers of corporate bonds in roubles (not counting bank bonds). In addition, Raiffeisenbank acted as the organiser of seven club and syndicated deals for corporate borrowers  companies and financial institutions  for a total sum of more than US$400 million in 2008.

Over the course of 2008, Raiffeisenbank demonstrated stable growth indicators in the retail banking services sphere. In 2008, the total sum of the credit issued to clients reached 64 billion roubles; according to data from the end of 2008, the retail credit portfolio came to 105.7 billion roubles. As indicated by Interfax-CEA's data, ZAO Raiffeisenbank's 2008 results put it in the sixth place in retail customer credit volume and in the sixth place in private deposit volumes. In conjunction with its subsidiaries OOO Raiffeisen Leasing, the Raiffeisen Non-Governmental Pension Fund, and OOO Raiffeisen Capital Asset Management Company, the bank served more than 1.6 million retail customers in 2008.

In pursuing the strategic goal of expanding its presence in the regions, Raiffeisenbank opened eight branches in Moscow, nine in St. Petersburg, additional offices in Novosibirsk, Ekaterinburg, Nizhny Novgorod, and Kirov, and the new Bashkortostan Branch in Ufa over the course of the year. According to 2008 year-end data, the bank's chain was represented in 45 of Russia's regions and consisted of 233 branches. Of these, 87 were in Moscow and 146 were in the regions. There were also more than 1,300 automatic banking machines in 45 regions of the Russian Federation during the reporting period.

Raiffeisenbank's stable positions and successful growth dynamics in private client services were reflected in the awards won by the bank during 2008. ZAO Raiffeisenbank was the winner in the Best Retail Bank category of the Retail Finance Awards 2008 and in the yearly retail bank customer service rating that was conducted by The Retail Finance magazine in cooperation with the SAS Russia/CIS Company. In November 2008, ZAO Raiffeisenbank was the winner of the Car Dealer of the Year award in the Best Bank for Auto Credit in 2008 category.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 1Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 1Q 2009 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. The groups more than 63,000 employees service over 14.7 million customers via more than 3,200 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns about 70 per cent of the common stock. The remainder is in free float, the shares are listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group.


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