KBC books €36 mln in profit at Hungarian business in Q3
The Hungarian business of Belgian's KBC generated a €36 million after-tax profit in the third quarter, compared to a €50 million loss in the same period a year earlier as impairment improved, the parent company's report for the period, published Thursday, shows.
KBC booked a €7 million impairment at the Hungarian business in Q3, just a fraction of the €126 million booked in the base period. KBC noted that impairment charges in Q3 2011 included €92 million related to a government scheme allowing early repayment of foreign currency-denominated mortgages at discounted exchange rates. Net interest income of the Hungarian business fell to €66 million in Q3 from €95 million in the same period a year earlier. Cost-to-income ratio rose to 53% from 48%. KBC's Hungarian business includes K&H Bank, one of the country's biggest commercial banks.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.