K&H Bank earnings climb 78% in 2021

Banking

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The after-tax profit of K&H Bank, a unit of Belgium's KBC, rose 78% to HUF 75 billion last year, CEO Guy Libot told journalists on Wednesday, according to a report by state news wire MTI.

K&H Bank freed up HUF 3 bln in provisions last year after booking impairment of HUF 29.6 bln in 2020 because of the repayment moratorium and pandemic risks, Libot said.

Net interest revenue increased 21% to HUF 109.3 bln.

The lending stock grew 13% to HUF 2.156 tln. Retail loans rose 19%, while the corporate loan book expanded 10%.

New retail outlays climbed 27% to HUF 297 bln.

The stock of client deposits rose 11% to HUF 3.604 tln.

Total assets stood at HUF 5.226 tln at year-end.

K&H's insurance business generated a net profit of HUF 6.7 bln. Revenue from premiums on general insurance policies reached HUF 51.6 bln.

K&H group has around 1.5 million clients.

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