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FHB Q4 loss narrows to HUF 4.7 bln

Telco

FHB Mortgage Bank booked a HUF 4.7 billion after-tax loss in the fourth quarter, narrowing from a HUF 6.6 bln loss in the base period, when compensation due under borrowersʼ relief legislation weighed on the bottom line, an earnings report published late yesterday shows, according to Hungarian news agency MTI.

Net interest income plunged 42% to HUF 3.2 bln due to low interest rates. Net revenue from commissions and fees was up 14% at HUF 2 bln.

Provisions for impairment rose to HUF 3.7 bln from just HUF 100 million in the base period.

FHB noted that it paid HUF 2.8 bln on the bank levy and financial transactions duty in Q4. Excluding these items, its loss would have reached just HUF 1.3 bln.

FHB had total assets of HUF 744.9 bln at the end of 2015, down 3% from the twelve previous months. Net assets rose 23% to HUF 108.6 bln.

Stock of consumer loans fell 12% to HUF 314.9 bln. Refinanced mortgage loans were down 29% at HUF 82.8 bln.

Client deposits rose 10% to HUF 329 bln.

Total provisions were down 31% at HUF 26.6 bln.

For the full year, FHB booked an after-tax loss of HUF 10.5 bln, improving from a HUF 16.2 bln loss in 2014. Net interest income dropped 29% to HUF 14.6 bln, but net revenue from commissions and fees rose 31% to HUF 7 bln

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