Banking sector profits reach HUF 180 bln in Q1

Banking

Net profit of Hungarian banks reached HUF 180 billion in the first quarter, climbing from HUF 3 bln in the base period, when pandemic provisions weighed, data released by the National Bank of Hungary (MNB) on Thursday show.

Provisions and write-downs came to just HUF 15 billion in Q1, well under the HUF 153 bln in the base period.

Banks' net interest revenue rose 9% to HUF 380 bln. Net revenue from commissions and fees edged up 3% to HUF 212 bln.

Banks' total assets stood at HUF 62.259 trillion at the end of March, up 15% from 12 months earlier.

The non-performing loan ratio fell to 3.6% from 4.2% during the period.

The stock of loans increased 15% to HUF 38.746 tln. Stock of deposits rose 18% to HUF 50.973 tln.

Market share, based on total assets, of domestically-run banks reached 60.6% at the end of March, up from 58.6% 12 months earlier.

Among foreign-run banks, market share of ones with parents based in the European Economic Area was 33.6%.

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