Favorable developments lift Erste Hungary’s bottom line
Erste Bank Hungary said "favorable impairment and risk provision developments" led to a first-half net income of HUF 31.6 bln, a big improvement on the HUF 10.8 bln loss in the prior period, in a consolidated earnings report released late yesterday, according to Hungarian news agency MTI.
Erste Bank Hungary put a HUF 40.5 bln figure on the impairment and risk provision improvement, just under the overall HUF 42.4 bln improvement in profits.
Net interest income fell by 20% to HUF 27.9 bln and net revenues from commissions and fees were flat at HUF 21.5 bln.
Total assets stood at HUF 1.8298 trillion at the end of June, down 5% from the end of December. Stocks of client loans and deposits were both flat at HUF 1,0004 tln and HUF 1.2648 tln , respectively.
The Hungarian State recently acquired a 15% stake in Erste Bank Hungary.
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