MOSCOW, October 15 (RIA Novosti) - Raiffeisenbank, a wholly-owned subsidiary of Austria's Raiffeisen International Group and one of Russia's top thirty banks, said on Wednesday its net profit declined 73.94%, quarter-on-quarter, in July-September to 532.27 million rubles ($20.5 million).
In the second quarter of 2008, Raiffeisenbank, which has been operating in Russia since 1996 and provides banking services to corporate and retail clients, posted a net profit of 2.04 billion rubles ($78.5 million).
"The net profit fall is attributable to expenses resulting from revaluation of securities and foreign currency-denominated assets," Raiffeisenbank said in a statement.
In early 2006, Raiffeisen International acquired 100% of shares of Russia's Impexbank to become the largest banking group with foreign capital in Russia.
