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Provisions reversal, single bank's outstanding profit lift lenders' earnings

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The combined first-quarter pre-tax profit of Hungary's banking sector more than doubled to HUF 93.6 billion from HUF 45.8 billion in the same period a year earlier, fresh data from financial market watchdog PSzÁF show. PSzÁF said the big increase was the result of the “outstanding” profit of a single bank -- which the watchdog did not name -- and the reversal of provisions for loan losses. Lenders paid HUF 41.9 billion on the bank levy in Q1, 21.4% more than in the base period. Net interest revenue fell 9.3% to HUF 234.6 billion. But net revenue from commissions and fees climbed 35.3% to HUF 87.3 billion. The data include banks that operate as companies limited by shares, banks that operate as branches of foreign parents and savings cooperatives, as well as the Hungarian Development Bank (MFB), the Hungarian Export-Import Bank and clearing house KELER.

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