Parent bank Intesa Sanpaolo SpA will raise the registered capital of Hungary’s CIB Bank by HUF 40 billion to HUF 145 billion, through a private placement of ordinary shares, the AGM resolutions published on Thursday reveal.
CIB Bank had Hungarian Accounting Standards (HAS) after-tax losses of HUF 15.2 billion and IFRS consolidated after-tax losses of HUF 23.5 billion in 2010.
The bank will pay no dividends.
CIB Bank closed year 2009 with HAS after-tax profit of HUF 4.5 billion and IFRS consolidated after-tax profit of HUF 4.7 billion, both well below the profit of the previous year.
IFRS consolidated assets fell 9.5% to HUF 2,495 billion at the end of 2010, of which shareholders’ equity fell 9.1% to HUF 241 billion.
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