CIB Group books HUF 37.3 bln loss for 2011

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CIB Group, the Hungarian unit of Intesa Sanpaolo, on Thursday said it booked a HUF 37.3 billion after-tax loss for 2011, attributing it to an early repayment scheme, the bank levy, the weak forint and a deteriorating external economic environment.

CIB Group had total assets of HUF 2,524 billion on December 31, 2011, according to IFRS, little changed from the HUF 2,494 billion twelve months earlier.

CIB Group had a 14.2% share of Hungary's corporate lending market at the end of the period. It was market leader on the leasing market and accounted for 8.8% of all new outlays in the segment. It was in third place in terms of retail deposits, with 9.8% market share, and in fourth place on the retail mortgage lending market, with an 8.8% share.

CIB Group's stock of client deposits was little changed at HUF 1,473 billion, but its gross client loans fell by HUF 160 billion to HUF 2,178 billion.

CIB said it booked a HUF 36.8 billion loss on the government initiated early repayment scheme, which allowed borrowers to repay their FX mortgages at discounted exchange rate until the end of February.

CIB booked HUF 105 billion in lending losses and risk provisions in 2011, well over the HUF 83 billion in the previous year.

CIB Group's revenue fell to HUF 120.4 billion in 2011. Operating profit was down by HUF 12 billion at HUF 65 billion.

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