ÁÉB first-half after-tax profits increase 8.5% yr/yr

Telco

ÁÉB Bank Rt had consolidated after-tax profit of Ft 12.62 billion in the first half of 2006, 8.5% more than in the same period a year earlier, according to the bank's report for the period, prepared with Hungarian Accounting Standards and published on Monday.

Unconsolidated first-half after-tax profits were Ft 11.88 billion, 10.2% more than in the same period a year earlier. ÁÉB's consolidated net revenue from interest fell 28.7% to Ft 5.2 billion.
ÁÉB implemented a new strategy during the period, concentrating on investment services and closing a number of its branches. The bank's net income from financial activities increased 31.7% to Ft 13.35 billion. At the same time, ÁÉB's costs related to banking activities fell 24.8% to Ft 1.56 billion, giving it net income from banking activities of Ft 17.78 billion, 12.7% more than in H1 2005. Consolidated total assets were Ft 243.61 billion at the end of June, 0.2% more than twelve months earlier.

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