Profits at Raiffeisen bank fall 53% to CZK 1.7 billion

Raiffeisen bank has reported that their profits have fallen by more than half over the first three quarters of 2020. Raiffeisen's profits came to just CZK 1.7 billion for the period, marking a 53.2 percent drop compared to the same period in 2019. Its general director Igor Vida blamed the results on the coronavirus, saying that most of his company's efforts have concentrated on solving problems created by the pandemic. "Despite all of the difficulties, we managed not only to launch new services as planned but we also closed a number of important business transactions," he said. Operational income fell 12.3 percent for Raiffeisen to CZK 7.72 billion while income from interest charges dropped 13.8 percent to CZK 5.6 billion as a result of falling interest rates. However, the volume of loans the bank has issued rose 2.6 percent to CZK 255 billion, even as deposits rose 17.8 percent to CZK 324 billion.