MNB: Hungarian banks booked HUF 447 bln loss last year on borrowers relief
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.