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FHB loss down in Q3

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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.

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