CIB Group loss books HUF 151.9 bln loss for 2012
CIB Group, the Hungarian unit of Intesa Sanpaolo, quadrupled its after-tax loss last year to HUF 151.9 billion from HUF 37.3 billion a year earlier, the group announced Friday, attributing the slope to the difficult economic environment, the deteriorating loan portfolio, the growing financing costs and the extremely high extraordinary bank levy. CIB Group had total assets of HUF 2,119.3 billion at the end of last year, falling from HUF 2,524 billion a year earlier. CIB Group had a 14.0% share of Hungary's corporate lending market at the end of the period, in line with 14.2% a year earlier. It was market leader on the leasing market and accounted for 10.7 % of all new outlays in the segment, up from 8.7% a year earlier. It raised its market share in retail deposits, to 10.1% from 9.8%. However, CIB Group's stock of client deposits sank to HUF 1,363 billion from HUF 1,473 billion, and its gross client loans fell further, to HUF 1,832.4 from HUF 2,178 billion at the end of 2011, when it dropped HUF 160 billion. CIB booked HUF 155.6 billion in lending losses and risk provisions, sharply up from HUF 105 billion in 2011 and HUF 83 billion in 2010.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.