Hungarian banking sector profit falls 12% in Q1-Q3
Combined after-tax profits of Hungaryʼs banking sector fell 12% year-on-year to HUF 425 billion in the first three quarters of 2018, due to higher costs and a drop in released provisions, data published by the National Bank of Hungary (MNB) on Friday show.
The sectorʼs net interest revenue edged down 2% to HUF 574 bln, while net revenue from commissions and fees rose 5% to HUF 406 bln, state news wire MTI reported. Operating costs climbed 17% to HUF 763 bln.
Banks released HUF 42 bln in provisions in Q1-Q3, well under the HUF 126 bln freed up in the base period.
The sectorʼs total assets came to a little over HUF 38.9 trillion at the end of September, up 9% from twelve months earlier.
Banksʼ net lending stock rose 11% to over HUF 20.08 tln. The corporate loan portfolio expanded 16% to just under HUF 7 tln, while the retail portfolio grew 7% to just over HUF 5.7 tln.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.