Bank levy, bad loans push Erste Bank Hungary into red
Erste Bank Hungary had consolidated IFRS pre-tax losses of HUF 8.04 billion in the first half of 2011 as the extraordinary banking levy and the steep rise in the non-performing loan ratio adversely affected performance, the bank said, announcing unaudited figures on Friday.
The losses compare to consolidated pre-tax profit of HUF 12.2 billion in H1 last year, and pre-tax profit of HUF 7.9 billion for all of last year.
The ratio of non-performing loans reached 15.1% at group-level by the end of June, the bank said.
The H1 part of the extraordinary banking tax totaled HUF 7.4 billion.
Total assets rose 8% in twelve months to HUF 3,299.9 billion on June 30, 2011, while net assets fell 10% to HUF 145.5 billion.
ADVERTISEMENT
Households Make Net Withdrawals in April
Parl't Approves Amendments to Legislation on Judiciary
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.
