FHB Q2 profit down 41% on bank tax

Music

Hungary's FHB Mortgage Bank had consolidated after-tax profit of HUF 759 million in the second quarter, down 41.2% yr/yr as a result of the extraordinary bank sector tax, FHB announced in its consolidated IFRS report on Monday.

Excluding the extraordinary bank tax, FHB had second-quarter after-tax profit of HUF 1.37 billion, up 5.8% yr/yr.

FHB had first-half after-tax profit including payment of the special bank tax of HUF 928 million, down 66.8% yr/yr, and first-half after-tax profit excluding payment of the tax of HUF 2.54 billion, down 8.9% yr/yr.

FHB had total assets of HUF 839.8 billion at the end of the second quarter, up 1.2% yr/yr.

FHB had risk provisions of HUF 25.3 billion in the first half of this year, up 109.9% yr/yr.

The percentage of non-performing loans, those over 90 days past due, in FHB's portfolio was 10.57% at the end of the second quarter of 2011, up from 9.53% at the end of Q2 2010.

FHB is an A-category issuer at the Budapest Stock Exchange.

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.

Support the BBJ

Events