FHB to book close to HUF 4 bln extraordinary Q4 loss

Banking

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FHB Mortgage Bank will book an extraordinary loss of almost HUF 4 billion in the fourth-quarter because of a lower corporate tax rate applied to deferred taxes, the lender said in a disclosure published on the website of the Budapest Stock Exchange, Hungarian news agency MTI has reported.

The corporate tax rate in Hungary will be lowered to a flat 9% from the start of next year. At present, the rate is 10% on a tax base up to HUF 500 million and 19% over that.

FHB said the extraordinary loss would affect only its IFRS consolidated financial statements. It will not impact the financial statements of the parent company and group members, nor will it negatively affect the groupʼs capital position, it added.

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