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Raiffeisen Bank Polska with record results in 2004.

Net profit almost doubled to 40.6 million. Balance sheet total increase of more than one third to 2.76 billion. Market position in Retail, Leasing and Factoring strengthened.

Raiffeisen Bank Polska S.A. once again reports record results, doublingnet profit and significantly increasing total assets. At year-end 2004the bank had a balance sheet total of PLN 11.24 billion (EUR 2.76billion) which was 28 per cent higher than in 2003. Profit before taxcame in at PLN 204.9 million, an increase of 99 per cent compared to theprevious year. Profit after tax increased by 90 per cent to PLN 165.4million.

The return on equity before tax of 25.8 per cent is equivalent to agrowth more than ten per cent points. (2003: 15.7 per cent), while thecost/income ratio of 61.9 (76.3) per cent also shows a significantimprovement of the profitability of the bank.

These good results prove Raiffeisen Banks strategy to focus on financing Small and Medium Enterprises, says Herbert Stepic, Chairman of the Managing Board of Raiffeisen International Bank-Holding AG (Raiffeisen International) and Deputy Chairman of Raiffeisen Zentralbank Oesterreich AG (RZB). Stepic considers SME the fastest growing economic sector throughout the entire region Central and Eastern Europe.

Apart from that, the bank maintained its rapid growth in retail banking,especially in the credit cards market. By the end of 2004 RaiffeisenBank Polska S.A. issued over 110 000 cards, which is an increase of 112per cent. Raiffeisen-Leasing Polska S.A. has further improved its marketposition and now is the countrys number two leasing company. Raiffeisen Group (Raiffeisen Faktoring Sp. z o.o. along with Raiffeisen Bank) is the number one on the Polish factoring services market with a market share of 25 per cent.

Raiffeisen Bank Polska, Warsaw, was established in 1991 and owns a 49.99per cent share in Raiffeisen-Leasing Polska S.A., the second largestleasing firm in Poland (the remaining shares are held by RaiffeisenInternationals subsidiary Raiffeisen-Leasing International), and is also the 100 per cent owner of Raiffeisen Faktoring Polska Sp. z o.o., a leading provider of factoring services. Raiffeisen Bank Polska is 100 per cent owned by Raiffeisen International Bank-Holding AG (RaiffeisenInternational), which in turn is the holding company unit for the RZB Groups participations in Central and Eastern Europe (CEE). It is a fully consolidated RZB subsidiary. Minority interests are held by International Finance Corporation (IFC) and the European Bank forReconstruction and Development (EBRD). According to Raiffeisen Internationals preliminary figures for the year ending December 2004, the balance sheet total reached roughly EUR 27.6 billion, which is 37 per cent up on the figure for year-end 2003.


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