K&H Bank Q1 profit reaches HUF 9.3 bln

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K&H Bank had consolidated, IFRS after-tax profit of HUF 9.3 billion in the first quarter of 2016, up from HUF 7 bln in the same period a year earlier, the local unit of Belgiumʼs KBC said yesterday, according to Hungarian news agency MTI.

Operating income before bank levy reductions and provisioning was down 5.7% at HUF 15 bln. 

Client loan portfolio was down 5% at HUF 1.255 trillion while client deposits were up 17.4% at HUF 1.527 tln. 

The ratio of non-performing loans fell from 14.8% to 13.1%. 

Capital adequacy ratio on a group level improved from 13.72% to 15.69% in Hungary. 

Total assets of K&H Bank were HUF 2.568 tln and K&H Insurance had HUF 150 bln in total assets at the end of March. 

K&H Bank slightly increased its market share for lending operations to 9.8% from 9.6%. New mortgage outlays were up 36% on an annual basis, CFO Attila Gombás said. 

K&H said it will not pay a dividend on 2015 earnings but will use all of its HUF 37.9 bln net income to increase profit reserves.

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