K&H Bank books HUF 29 bln loss on borrowers relief provisions

Telco

K&H Bank, the Hungarian business of Belgium's KBC, booked a consolidated HUF 29.1 bln loss last year because of compensation it must pay under borrowers relief legislation, CEO Hendrik Scheerlinck said at a press conference on Monday.

Provisions K&H set aside for the compensation for using exchange rate margins when calculating repayments on FX loans and for making unilateral changes to loan contracts, added up to HUF 70.9 bln, Mr Scheerlinck said. Excluding one-off factors, the bank would have had net profit of HUF 28.2 bln last year, he added.

In 2013, K&H Bank had after-tax profit of HUF 18.5 bln.

Scheerlinck confirmed KBC's commitment to its business in Hungary.

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