Investing.com -- Raiffeisen Bank International (RBI), an Austrian banking institution, announced on Tuesday that its net profit after tax for the first quarter fell by 10.7% to €318 million ($360 million).

The bank attributed this decrease to an increase in provisions for loan defaults and a rise in administrative costs.

The bank’s first quarter financial results did not include its operations in Russia and Belarus.

Despite the decline in profit, the reported figure surpassed the average analysts’ predictions, which estimated a net profit of €305 million.

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