Vienna-headquartered Raiffeisen Bank International today reported a post-tax, consolidated profit of €615 million (around $887 million) for the first half of 2011, a 30.3 per cent rise from the same period a year ago.

RBI's pre-tax profit surged by 51.6 per cent to €879 million. Besides higher profit, a number of one-time effects were responsible for the significant increase in income taxes, which rose by €137 million to €201 million. This was primarily due to deferred tax expenses on valuation gains, which contrasted with deferred tax income in 2010.

Results gave few details on any wealth management business activity.

"Our results reflect the improved economic environment in Central and Eastern Europe during the first half of this year. They also provide the first indications of the positive impact of our new organizational structure," said Herbert Stepic, chief executive of RBI.

Net fee and commission income improved by 3 per cent or €22 million over the prior year period to €737 million.

General administrative expenses rose by 6 per cent or €89 million compared with the first half of 2010 to €1.514 billion. The cost/income ratio rose as a result by 2.1 percentage points to 55.1 per cent.