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K&H Bank books HUF 7.9 bln profit in Q3

Telco

K&H Bank, the Hungarian unit of Belgium's KBC, had after-tax profit of HUF 7.9 bln in the third quarter, CEO Hendrik Scheerlinck said today.

K&H Bank booked a HUF 32.5 bln loss for Q1-Q3 because of a HUF 70.9 bln provision for compensation the lender must pay clients under borrowers' relief legislation approved in the summer, Scheerlinck said.

K&H Bank has been allocated €950 mln from the National Bank of Hungary for the planned conversion of FX retail mortgages into forints, said financial division head Attila Gombás.

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