Profit before tax excluding the special bank levy and other one-offs came to HUF 465 mln, 81% down from HUF 2.49 bln a year ago. The bank assigned the entire amount of the special banking levy prescribed for 2015 to the first quarter.
A HUF 5.47 bln release of risk costs in the first quarter was a significant improvement from a HUF 1.47 bln loan-loss provision of a year ago. The release of impairment was due to the implementation of laws on client settlements causing the exposures and arrears of affected forex loans to decrease, and a large amount of loans to be closed, FHB said. The gross loan portfolio fell 8.8% to HUF 333.65 bln, while customer deposits increased 42.2% to HUF 346.8 bln.
Net interest income decreased 1.4% to HUF 5.16 bln. The bank paid no dividend on last yearʼs results. FHB Mortgage Bank had a net loss of HUF 19.2 bln last year, according to Hungarian Accounting Standards, and booked a consolidated IFRS loss of HUF 16.2 bln on close to HUF 24 bln of risk provisions related to the settlement of borrowers relief rebates. It finished the year with total assets of HUF 769.4 bln, up 4.3% from twelve months earlier. At the end of March this year, it had total assets of HUF 821.97 bln. FHB is an Equities Prime-category issuer at the Budapest Stock Exchange.
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