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.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
