Bank net interest income fell 1.4% to HUF 194.3 bln by the end of March as interest revenue rose 1% from the same period a year earlier but interest expenditures increased at an even faster rate, rising by 7.1%, national news agency MTI reports.

Non-interest income was up 18.3% at HUF 225.01 bln as commissions revenue fell 3.7%, dividends revenue was down 8.1% but income from financial and investment services rose 28% and other non-interest income showed a HUF 3.6 bln net gain compared to a HUF 36.3 bln net loss earlier.

Another report by the MNB shows that the number of contactless cards issued in Hungary rose 41% in 2018 Q1 y.o.y., and contactless transaction numbers rose at a similar rate. As a result 74% of all domestic issued cards were contactless by Q1 2018, compared to 66% one year earlier.

The number of bank cards edged up 1% from a year earlier and was at 9.01 million but down from a peak of 9.12 million at the end of 2017. Around 86% of cards were debit cards.