FRANKFURT (Reuters) – Austria’s Raiffeisen Bank International, one of the banks in Europe most exposed to Russia, posted a bigger-than-expected 49% rise in profit in the first quarter.
Net profit in the quarter was 657 million euros ($724.28 million), up from 442 million euros a year earlier, the bank said. Analysts had expected profit of 528 million euros, according to a consensus published by RBI.
RBI provided the figures a day ahead of schedule with little explanation of drivers behind the earnings. A full report is expected on Friday with details and commentary.
RBI did say that it was raising some of its forecasts for this year, and that it had reduced lending and payment transfer business in Russia during the first quarter.
($1 = 0.9071 euros)
(Reporting by Tom Sims and Alexandra Schwarz-Goerlich; Editing by Josie Kao)
Ad: Save every day with Amazon Deals: Check out today's daily deals on Amazon.