Raiffeisen Bank targets 66m-euro profit

Raiffeisen Bank intends to make a 236 million-RON net profit (some 66.5 million euros) this year, a 47.5% increase from the profit in 2005, according to its financial data. The bank has investments worth 30.84 million euros planned for 2006, against those conducted last year, worth 28.39 million euros. For 2005, Raiffeisen had budgeted investments worth 45.65 million euros. This year, as in 2005, the bulk of the funds, 20.04 million euros will be earmarked for the development of IT system. The bank will also invest 6.35 million euros in buildings, 1.63 million euros in cars and 1.25 million euros in electronic security and protection systems. The bank’s shareholders approved the spending and revenue draft budget for 2006 in April, projecting gross revenues of 1.05 billion RON and administrative expenditures of 717 million RON.