BayernLB books €131 mln loss at Hungarian unit in Q1-Q3
Germany's BayernLB Group on Thursday said it booked a €131m pre-tax loss at its Hungarian unit MKB in Q1-Q3. The loss narrowed from negative earnings of €186 million in the same period a year earlier. BayernLB blamed the loss on Hungary's "disproportionately high" bank levy and the country's poorly performing economy. It said risk provisions for MKB climbed by €83 million to €152 million during the period, "primarily triggered by the difficult economic climate in Hungary".
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.