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