MNB: Banking sector turns first profit since 2010

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Hungary’s banking sector had combined pre-tax profit of HUF 155.2 billion in 2013, helped by higher revenue from commissions and fees as well as one-off items, according to preliminary data published by the National Bank of Hungary (MNB) today.

The profit was a sharp improvement over a HUF 91.0 billion pre-tax losses registered in 2012. The sector last turned a profit in 2010. For 2013, the sector made HUF 67.6 billion in after-tax profit last year against an after-tax loss of HUF 173.5 billion in 2012.

Total assets of the banking sector came to HUF 31.1561 trillion on December 31, 2013, down 0.9% from the end of 2012. The contraction slowed from a 9.9% decline in 2012.

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