K&H H1 Profit Climbs to HUF 35.8 bln


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First-half earnings of K&H Bank, the Hungarian unit of Belgium's KBC, reached HUF 35.8 billion, increasing from HUF 9.7 bln in the base period, CEO Guy Libot said on Monday, according to a report by state news wire MTI.

Earnings were lifted by lending and higher client numbers, Libot said, noting that the bank had booked HUF 33 bln on a windfall profit tax.  

The lender's number of retail clients rose 5% to 815,000, while the number of clients with regular transfers to their accounts climbed 7% to 555,000.

K&H Bank's lending stock stood at HUF 2.713 trillion at the end of June, up 18% from 12 months earlier. First-half outlays came to HUF 297 bln, including HUF 38 bln of mortgage loans. 

Corporate lending stock rose 30% in 12 months, giving K&H Bank 10% market share in the segment. Outlays in the framework of the Baross Gábor state-subsidised credit programme came to HUF 123 bln.

K&H's insurance business, K&H Biztosító, booked a first-half loss of HUF 0.8 bln on the back of the windfall profit tax, CEO Nik Vincke said. Revenue from premiums on general insurance policies climbed 16% to HUF 36.1 bln and revenue from premiums on life policies increased 22%, he added.


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