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KELER pre-tax profit adds up to HUF 1.9 bln in 2016

Pre-tax profits of the central depository business of Hungaryʼs clearing house group KELER came to HUF 1.71 billion, and the central counterparty business KELER KSZF brought in pre-tax profit of HUF 154 million, the annual general meeting of KELER heard yesterday, according to Hungarian news agency MTI.

The AGM decided to place all of the 2016 profits into profit reserves, as in previous years.

Pre-tax profits of the central depository business exceeded the plan by a third, while it dropped from HUF 2.01 bln in 2015. Pre-tax profit of the central counterparty business was also down from HUF 288 mln in 2015.

Revenue of the central depository rose 4.5% to HUF 4.57 bln in 2016 and exceeded the plan by 1.5%, CEO Gyorgy Dudas said. 

Revenue of KELER KSZF rose 11% to HUF 1.28 bln, in line with plans, CEO Károly Mátrai said. He noted that energy market activity is the biggest revenue source of the central counterparty. The number of clients in the segment rose rapidly last year and more than two-thirds are foreign.

KELER is owned by the National Bank of Hungary (MNB) and the Budapest Stock Exchange (BÉT).