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UniCredit Hungary profits for 2014 more than double previous year

The Hungarian unit of Italy's UniCredit bank yesterday posted after-tax profit of HUF 16 bln from last year, more than double the HUF 6.4 bln reached in 2013, Hungarian news agency MTI reported today.

The house explained the results with a resilient business model and improved cost efficiency. Cost/income ratio fell to 49% from 65% in 2013.

In a market environment of lackluster lending activity, UniCredit Hungary's net client loans stock increased 8% to HUF 983 bln from HUF 911 bln in 2013, while clients' deposits grew 13% to HUF 1.2 trillion from HUF 1 trillion with the net loan/deposit ratio sinking from 85% to 81%.

The bank's total assets stood at a record HUF 2.236 trillion at the end of last year, up 27% from HUF 1.7 trillion a year earlier.