Luxembourg-based Raiffeisen Bank recorded a consolidated profit for the financial year 2018 of €18.7 million, up 2.5% compared to 2017.

Indeed, the balance sheet for Raiffeisen Bank at the end of 2018 was almost €9 billion, up 11.4% from the previous year.

In addition, last year saw strong growth in deposits and credits, continuous investments and new offers for members and customers of the Luxembourgish bank.

Deposits by non-bank customers, including debt securities, rose 13.2% to € 7.7 billion. The annual growth of deposits equally resulted from the private customer base and from corporate customers.

On the assets side of the balance sheet, customer lending activity, including leasing operations, saw an increase of 6.9% compared to 31 December 2017. In particular, the bank confirmed its strong position in the financing of home ownership and recorded a 12% increase in real estate loans granted to professional clients. Robust growth was also recorded in personal loans, up 14% from the end of 2017.

In a context of historically low interest rates and competitive pressure on margins, the bank experienced 5.1% growth in its net interest income. This increase was mainly due to the growth in deposit and customer loan volumes.

On the other hand, the bank's operating costs increased by 3.9% and staff costs, which account for most of the costs, increased by 4.5% compared to 2017. Other administrative expenses were up 6.1%.

As of 31 December 2018, the workforce was made up of 650 employees, an increase of 24 over the previous year. At this time, 33,937 customers also chose to be a member of the bank.

In 2018, Raiffeisen similarly expanded its range of services for its members by launching OPERA PLUS, an offer that brings together a range of tariff benefits covering all banking areas and whose contribution can be paid with points.

In addition, the bank initiated merger projects with the thirteen regional banks as well as with Raiffeisen members. A less complex and therefore more efficient structure will further improve the quality of services provided to clients and associates, while fully meeting the cooperative principles that will continue to guide the bank's actions.