VIENNA, Aug 9 (Reuters) - Net profit at Austria’s Raiffeisen Bank International surpassed expectations in the second quarter, lifted by “exceptionally high” releases of loan-loss provisions that suggested conditions in its markets continue to improve.
Net profit in the three months from April to June fell 2.9 percent to 357 million euros ($414 million), weighed down by a previously announced one-off hit of 121 million euros linked to the sale of its Polish unit Raiffeisen Bank Polska (IPO-RBP.WA), the bank said on Thursday.
That was well above the average estimate of 264 million euros in a Reuters poll of analysts. The bank, which operates across eastern Europe, said that the release of loan-loss provisions had turned its impairment losses on financial assets - usually a negative figure - into a small positive number.
$1 = 0.8615 euros Reporting by Francois Murphy; Editing by Michael Shields