MKB Bank in black after six years of losses
MKB Bank booked a consolidated profit of HUF 4.2 billion in the first quarter after six years of losses, the lender said yesterday, according to Hungarian news agency MTI.
The parent bankʼs profit reached HUF 3.6 bln.
Both figures include the bank levy for Q1, MKB said.
MKBʼs leasing unit and fund manager had “remarkably high” profit during the period, MKB noted.
Consolidated operating costs fell by 10.7% or HUF 1 bln, thanks to a restructuring launched in 2014.
MKB, which is indirectly owned by the state of Hungary, will be sold to a consortium of two private equity funds called Blue Robin Investments S.C.A. and METIS Private Capital Fund, and Hungaryʼs Pannonia Pension Fund for HUF 37 bln, the National Bank of Hungary announced in March. The sale is expected to be closed at the end of June.
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.