Raiffeisen Bank Aval Releases 1H07 Results
30 July 2008
Raiffeisen Bank Aval (BAVL: HOLD) released its 1H07 financial results, which were highlighted by a 55% increase in net income to USD 57.5 mln. The bank’s assets grew 26% to USD 6.9 bln. Its gross customer loan portfolio rose 34% YTD to USD 5.8 bln. Loans to individuals grew 29% YTD to USD 3.1 bln while loans to corporations increased 39% YTD to USD 2.7 bln. The bank’s half year results are generally in line with our forecasts. We maintain our HOLD recommendation on the stock.
