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MKB losses narrow as a result of restructuring

Telco

State-owned MKB Bank booked a HUF 4 bln pre-tax loss in the first half, improving from a HUF 15 bln loss in the same period a year earlier as a result of restructuring, the lender said in a statement on Friday, according to Hungarian news agency MTI.

Operating costs fell 12%, close to HUF 20 bln, the bank said.

Operating profit reached HUF 3.7 bln, but write-downs and risk provisions came to HUF 8.1 bln.

MKBʼs total assets fell about 4% to HUF 1.865 trillion, according to IFRS. Client loans stood at HUF 1.037 trillion and client deposits reached HUF 1.213 trillion.

The bankʼs capital adequacy ratio rose slightly to 14.68%.

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