MKB Bank in black after six years of losses

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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.

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