MNB: Hungarian banks booked HUF 447 bln loss last year on borrowers relief

Telco

Hit hard by compensation for retail clients mandated under law, Hungarian credit institutions had a combined after-tax loss of HUF 446.5 bln last year, fresh data released by the National Bank of Hungary (MNB) reveal.

In 2013, Hungarian lenders had combined after-tax profit of HUF 31.2 bln.

The preliminary MNB data show lenders booked provisions and write-offs of HUF 776.3 bln last year, well over the HUF 286.6 bln in 2013.

Net interest revenue of the sector edged down a little less than 1% to HUF 944.6 bln. Net revenue from commissions and fees jumped 156% to HUF 130.3 bln.

Operating costs were down about 1% at HUF 686.4 bln.

Lenders had combined total assets of HUF 32.865 trillion at the end of last year, up 5.4% from the end of 2013. Net stock of loans edged down about 0.5% to HUF 15.858 trillion during the period. Stock of deposits rose 7.8% to HUF 16.044 trillion.

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