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MNB closes 2013 with HUF 26.3 billion profit

Telco

The National Bank of Hungary closed 2013 with profit of HUF 26.3 billion, the central bank said on Friday, citing preliminary data and noting that its previous management had projected a HUF 203 billion loss for the central bank in 2013.

“The new central bank management managed in nine months to close 2013 with a profit, without putting at risk its primary goals as laid down in the law,” the MNB said. It attributed the favorable result mainly to the “improvement in interest income resulting from the base rate easing cycle” and higher realized profit from exchange rate changes.

Financial results deteriorated from the previous year. CAPEX came to HUF 995 million last year, 86% of the target in the business plan. Operating costs reached HUF 14.4 billion, 18.5% over the target and 23.2% over the amount in the previous year.

The MNB attributed the discrepancy to its merger with market watchdog PSzÁF.

Adjusted for the merger, operating costs fell by HUF 99 million, it said. The MNB announced earlier that it was profitable last year, but did not disclose the scale of its profits.

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