K&H first-quarter profits slip on one-off items, risk provisions
K&H Bank Rt had after-tax profit of Ft 3.9 billion in the first quarter of 2006 under International Financial Reporting Standards, Ft 400 million less than in the same period a year earlier, the bank announced on Tuesday.
K&H attributed the fall to several one-off items as well as risk provisions related to an embezzlement scandal at its brokerage.
Pre-tax profit fell Ft 100 million to Ft 5.8 billion in Q1 2006 compared to the same period a year earlier. Risk reserves for brokerage K&H Equities Rt took Ft 1.2 billion out of profits in Q1 2006. Since the scandal in 2003, the bank has set aside risk provisions of Ft 18 billion related to the case, CFO Attila Gombos said.
K&H Bank had total assets of Ft 1,989 billion at the end of March, 18.2% more than twelve months earlier.
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