MKB H1 losses narrow as risk provisioning falls

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MKB Bank, the Hungarian unit of Germany's BayernLB, had a first-half after-tax loss of HUF 19.1 billion, narrowing from a HUF 53.8 billion loss in the same period a year earlier as risk provisioning dropped, the bank's consolidated IFRS report published late Monday shows.

MKB's risk provisioning came to HUF 20.7 billion in H1, down from HUF 77.5 bilion in the same period a year earlier.

Net interest revenue was down 7% at HUF 42.2 billion and net revenue from commissions and fees dropped 23% to HUF 8.0 billion. The bank booked negative HUF 10.7 billion on the "other operating revenue" line, showing the effect of the bank levy.

MKB had total assets of HUF 2,817.6 billion on June 30, down 4% from the end of 2010.

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