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FHB Mortgage Bank to pay no dividend on loss-making 2011

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Shareholders of FHB Mortgage Bank approved a proposal to pay no dividend on 2011 -- a loss-making year -- at an annual general meeting on Wednesday.

FHB had a loss of HUF 1.85 billion last year, according to Hungarian Accounting Standards. It finished the year with total assets of HUF 804.5 billion.


Calculated with IFRS, the bank's loss came to HUF 5.62 billion and total assets reached HUF 816.1 billion.


Shareholders were told the bank would have had after-tax profit of HUF 7.3 billion excluding the extraordinary tax on financial sector companies and the cost of an early repayment scheme for foreign currency-denominated mortgages at discounted exchange rates.

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