Provisions release raises CIB Bank profit

Telco

jessica fejos

Consolidated first-half after-tax profit of CIB Bank, the local unit of Italyʼs Intesa Sanpaolo banking group, rose 25% year-on-year to HUF 11.9 billion, lifted by provisions releases, an earnings report published late Monday shows.   

Net interest income fell 11% to HUF 9.6 bln, while net revenue from commissions and fees dropped 4% to HUF 13.4 bln, state news wire MTI reported.

At the same time, freed provisions came to HUF 13.0 bln, up 67% from the base period.

CIB Bank had total assets of HUF 1,836.6 bln at the end of June 2018, up 9% from the end of 2017. Client loans were up 8% at HUF 821.6 bln, while client deposits also rose 8% to HUF 1,285.7 bln.

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