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Restructuring delay helps Raiffeisen return to profit

A traffic sign is pictured in front of a Raiffeisen branch office in Vienna February 3, 2015. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - Raiffeisen Bank International (RBIV.VI) reported an unexpected third-quarter net profit on Thursday and predicted a similar performance for 2015 as a whole because most of its planned restructuring costs would be booked after the new year.

The bank recorded a profit of 90 million euros (64 million pounds) for the three months to Sept. 30 despite taking a charge of 75 million euros in Croatia for the conversion into euros of Swiss franc-denominated loans and a 96 million goodwill impairment in Poland.

Analysts polled by Reuters had on average forecast a net loss of 43.7 million euros.

"Business development in the first nine months (of the year) was better than expected despite significant one-off effects in the third quarter," Chief Executive Karl Sevelda said in a statement.

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The company's shares rose as much as 4.2 percent to 14.83 euros in early trading, their highest in more than five months, outperforming the Euro Stoxx banks index (.SX7E), which was down 0.9 percent at 0831 GMT.

"We currently expect a small consolidated profit for 2015 as the majority of the restructuring costs will be incurred after 2015," RBI said, adding it assumed restructuring costs of around 100 million euros for the full year.

Net interest income of 813 million euros missed analysts' average forecast of 828 million.

RBI's fully loaded common equity tier 1 ratio rose to 10.8 percent of risk-weighted assets, and the company reiterated its target of reaching 12 percent by the end of 2017.

Sevelda said last month RBI was not planning to pay a dividend this year and would as most pay a small one in 2016 as it focuses on achieving that capital target, part of a restructuring plan that also includes shrinking its balance sheet.

(Reporting by Francois Murphy; Editing by Jason Neely and Mark Potter)