By Giulia Petroni

Raiffeisen Bank International AG shares rose Tuesday morning after profit jumped in the first half of the year, supported by gains from the sale of its Bulgarian business.

AT 0729 GMT, shares were up 8.8% at EUR13.05.

The Austrian bank posted a strong set of results, with net profit rising to 1.71 billion euros ($1.75 billion) from EUR612 million a year earlier, operating profit of EUR2.50 billion and net interest income of EUR2.20 billion in the period.

Full-year guidance was upgraded, with net interest income expected at between EUR4.3 billion and EUR4.7 billion, and net fee and commission income of at least EUR2.7 billion.

Pre-provision profit beat expectations by 43%, driven by better-than-expected top-line performance, while full-year guidance now paints a much more optimistic picture for the second half compared with consensus expectations, Deutsche Bank's Marlene Eibensteiner said in a research note.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

August 02, 2022 03:52 ET (07:52 GMT)

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