MFB profits lifted by Főgáz stake
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.
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