Savings cooperatives' deposit stock rises 2.8% in twelve months to June

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Members of the National Association of Savings Cooperatives (OTSZ) had a deposit stock of HUF 1,144.7 billion in the first half of this year, up 2.8% from one year earlier, OTSZ said in a press statement on Monday.

Gross loan stock decreased 1.9% to HUF 641.8 billion at the end of June, but, in a positive development, the stock of business loans rose 2.8% to HUF 284.6 billion, OTSZ managing director noted. The quality of the loan portfolio deteriorated well below the average in the banking sector, he added.

OTSZ members had combined total assets of HUF 1,384.5 billion at the end of the first half of this year, up 2.4% from a year earlier.

Net assets grew more than 6% to HUF 111.6 billion over one year.

Warranty capital available to cover risks rose 6.7% in twelve months to HUF 113.9 billion, andthe capital adequacy ratio rose, OTSZ said without elaborating.

OTSZ members had combined pre-tax profit of HUF 5.468 billion in the first half of 2011.

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