FHB loss down in Q3
FHB Mortgage Bank booked a HUF 223 million after-tax loss in the third-quarter, narrowing from a HUF 502 mln loss in the base period, an earnings report published late yesterday shows, according to Hungarian news agency MTI.
Net interest income was down 5.7% at HUF 2.73 billion. Net revenue from commission and fees was up 61.6% at HUF 2.83 bln.
Provisions for impairment rose to HUF 552 mln from HUF 513 mln in the base period.
Profit before tax in Q3 was HUF 200 mln compared to a HUF 470 mln loss a year earlier.
FHB had total assets of HUF 561.1 bln at the end of the third-quarter of the year, down 25% from 12 months earlier. Net assets fell 13.4% to HUF 71.2 bln. Stock of consumer loans fell 3.1% to HUF 316.2 bln. Refinanced mortgage loans were down 20.5% at HUF 73.78 bln.
Due to increasing new loan disbursements, the quality of the loan portfolio improved. The rate of nonperforming loans (NPL ratio) dropped to 12.3% by the end of September 2016, representing a 4.2 percentage point improvement from the 16.5% level on September 30, 2015.
Client deposits fell 28% to HUF 236.6 bln. Total provisions were down 21.1% at HUF 22.17 bln.
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.