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FHB H1 loss narrows on provisions release

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FHB Mortgage Bank booked a first-half loss of HUF 1.5 bln, down from HUF 5.3 bln in the base period due to a provisions release, an earnings report issued late yesterday showed, according to Hungarian news agency MTI.

The provisions release, related to a "lawsuit over the previous [National Bank of Hungaryʼs] resolution concerning the financial transaction levy and the effects of settlement law due to 2016 tasks", caused the loss on the "other results" line to narrow to HUF 1.6 bln from HUF 9.0 bln. 

Net interest income fell 18% to HUF 7.0 bln and net revenues from commissions and fees rose 10% to reach HUF 3.6 bln.

FHB reported a HUF 1.4 bln gain on trading income, up from a HUF 1.3 bln loss in the base period.

FHB reported total assets of HUF 617.6 bln at the end of June, down 18% from twelve months earlier. Net assets dropped 14% to HUF 71.1 bln.

Gross lending stock fell 4% to HUF 314.0 bln. Retail loans were down 10% at HUF 213.8 bln but corporate loans rose 14% to HUF 100.2 bln.

The bankʼs NPL ratio stood at 12.6%

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