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KBC books €15 mln profit in Hungary in Q4

Crops

Belgium-based KBC Bank booked a net income of €15 mln at its Hungarian unit in Q4 last year. This measure was a year-on-year drop of 6%, while net interest income fell by 7% to €63 mln and net revenue from commissions and fees dropped by 29% to €41 mln, an earnings report published today reveals.

According to the earnings report, impairment narrowed to €13 mln from €43 mln in the base period. The company’s insurance businesses generated a revenue of €14 mln from premiums in the general segment and a further €4 mln in the life segment. Both measures remained unchanged from the same period a year earlier.

KBC noted that the business in Hungary had a €139 mln loss in Q3 as it booked a provision for compensation it expected to pay under borrowers' relief legislation approved in the summer.

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