MFB profits lifted by Főgáz stake

Telco

The state-owned Hungarian Development Bank (MFB) had net profit of HUF 18.4 bln in 2015, rising 175% from a year earlier mainly on its holding in Főgáz, national utilities company ENSZʼs bridgehead into the gas market, an earnings report published Friday shows. 

Excluding the impact of discontinued activities – the sale of the Főgáz stake is included in MFBʼs business plan for this year – net profit rose 36% to HUF 9.1 bln, the report shows. Net interest revenue fell 15% to HUF 11.6 bln.

Net revenue from commissions and fees was practically nil. MFB reported total assets of HUF 1,528.6 bln at the end of last year, up 21% from 12 months earlier.

Net assets rose 5% to HUF 254.6 bln. Stock of client deposits was up 22% at HUF 41.3 bln, and stock of client loans rose 39% to HUF 467.0 bln, the report said.

ADVERTISEMENT

More Romanians at poverty risk since the COVID pandemic Analysis

More Romanians at poverty risk since the COVID pandemic

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.