Raiffeisen Zentralbank Osterreich has reported a profit before tax of E878.5 million for the first half of 2008, 3.9% higher than that of E845.6 million for the first half of 2007.

The balance sheet total for the period improved by 15.8% to E159.2 billion as against E137.4 billion recorded during the same period in the previous year.

Net interest income during the first half of 2008 was 32% higher upon the comparable period of the previous year at E1.73 billion. First-half consolidated profit was 18.2% down from the previous year at E393 million.

Operating profit in the first six-month period of 2008 was E1.22 billion, representing a growth of 24.9% from an operating profit of E981.9 million posted a year ago.

Walter Rothensteiner, CEO of Raiffeisen Zentralbank Osterreich, said: A key factor behind the success we have achieved at Raiffeisen Zentralbank Osterreich is the strong business in Central and Eastern Europe, as well as excellent results with corporate customers and financial institutions served from Vienna.