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CIB Group sees 62% less losses in H1

Telco

CIB Group, the Hungarian unit of Italyʼs Intesa Sanpaolo banking group had HUF 20.9 bln after-tax loss in the first half of this year, 62% less than losses reported a year ago. 

Net interest income fell to HUF 15.4 bln from HUF 20.7 bln, while net fee income narrowed to HUF 13.6 bln from HUF 15.2 bln according to consolidated IFRS figures, CIB Group told MTI on Friday.

Non-performing loan stock fell by 3 percentage points to 18.9%. No new provisioning was needed against compensations to clients, the Group emphasized. Compensation was mandated by retroactive laws last year against past practices. Capital adequacy improved by 1.6 percentage points from end-2014 to 18.9%. Total assets stood at HUF 1.655 trillion at the end of June, 2015, 6.1% less from end-2014.

Shareholdersʼ equity fell 11.3% to HUF 164 bln. CIB Group had after-tax losses of HUF 104.1 bln in 2014, down from HUF 136.7 bln in 2013. Intesa Sanpaolo decided to raise capital at the unit by HUF 15.4 bln in July last year, by HUF 13.7 bln in October and by HUF 38 bln in December.

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