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K&H Bank after-tax profit nears HUF 42 bln in 2017

Telco

K&H Bank, the Hungarian unit of Belgiumʼs KBC, had after-tax profit of HUF 41.8 billion last year, CEO David Moucheron said at a press conference on Monday, as reported by state news wire MTI.  

Excluding the one-off gain from the sale of the lenderʼs stake in Visa in the base period, profit climbed 18.5%, Moucheron said. Fourth-quarter profit reached HUF 9.6 bln.

K&H Bank had total assets of HUF 3.015 trillion at the end of 2017, up 7% from twelve months earlier.  The bankʼs share of the lending market edged up from 10.2% to 10.5%.

Net interest income rose 4.4% to HUF 73 bln in 2017. Net revenue from commissions and fees increased 3.5% to HUF 54.9 bln.

New outlays reached HUF 425 bln and went to almost 32,000 retail clients and more than 3,100 corporate clients. The lending stock rose 9%, outpacing the 7% growth in the stock of deposits and raising the loan-to-deposit ratio from 60.5% to 61.2%.

Mortgage outlays were up 32% at HUF 104 bln. Outlays of personal loans increased 65% to HUF 24 bln. Corporate outlays rose 134% to HUF 297 bln.

K&H Bankʼs client numbers rose by 60,000. Almost 23,000 of the lenderʼs new clients were under 30 years old.

Moucheron also indicated at the press conference that if the state puts Budapest Bank up for sale, K&H Bank would consider acquiring the institution.

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