K&H Bank Q1 profit falls on one-offs
K&H Bank, the Hungarian unit of Belgiumʼs KBC, had first-quarter after-tax profit of HUF 12.2 billion, down 19% year-on-year, the lender said on Monday. Including extraordinary items, net income rose almost 5%, state news wire MTI reported.
Operating income rose 8% to HUF 39.5 bln as net interest revenue increased 3% and net revenue from commissions and fees was up 9%, the bank revealed.
Credit outlays reached HUF 110 bln in Q1, and included HUF 24 bln of mortgage loans. About 96% of new mortgage loan contracts were fixed rate at the end of the period, up from 60% twelve months earlier due to an initiative by the National Bank of Hungary (MNB) to promote fixed-rate mortgages.
After-tax profit of insurance unit K&H Biztosító was up 20% at HUF 1.3 bln during the period.
K&H has about 1.5 million clients and operates 206 retail branches around the country, MTI noted.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.