MKB Bank could begin making a profit by 2015

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MKB Bank could start generating a profit as of next year, once its non-performing project loans are placed into a separate "bad bank", Ádam Balog, deputy governor of the National Bank of Hungary (MNB), which acquired MKB last year, said in yesterday’s issue of business daily Napi Gazdaság. 

Until now, the focus had been on cutting costs and seeing to the "painful" process of staff restructuring, Balog said, adding that the management of MKB expects the bank to break even this year.

Plans to merge MKB with Budapest Bank, which the state acquired from Germanyʼs BayernLB, could be delayed until next year and in the event that the merger does proceed, the process could take several years to complete, Balog added.

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