FHB Q4 loss narrows to HUF 4.7 bln

Telco

FHB Mortgage Bank booked a HUF 4.7 billion after-tax loss in the fourth quarter, narrowing from a HUF 6.6 bln loss in the base period, when compensation due under borrowersʼ relief legislation weighed on the bottom line, an earnings report published late yesterday shows, according to Hungarian news agency MTI.

Net interest income plunged 42% to HUF 3.2 bln due to low interest rates. Net revenue from commissions and fees was up 14% at HUF 2 bln.

Provisions for impairment rose to HUF 3.7 bln from just HUF 100 million in the base period.

FHB noted that it paid HUF 2.8 bln on the bank levy and financial transactions duty in Q4. Excluding these items, its loss would have reached just HUF 1.3 bln.

FHB had total assets of HUF 744.9 bln at the end of 2015, down 3% from the twelve previous months. Net assets rose 23% to HUF 108.6 bln.

Stock of consumer loans fell 12% to HUF 314.9 bln. Refinanced mortgage loans were down 29% at HUF 82.8 bln.

Client deposits rose 10% to HUF 329 bln.

Total provisions were down 31% at HUF 26.6 bln.

For the full year, FHB booked an after-tax loss of HUF 10.5 bln, improving from a HUF 16.2 bln loss in 2014. Net interest income dropped 29% to HUF 14.6 bln, but net revenue from commissions and fees rose 31% to HUF 7 bln

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.