KBC Books Q2 Net Income of EUR 63 mln in Hungary

Banking

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Belgium's KBC booked a net income of EUR 63 mln at its banking and insurance businesses in Hungary in the second quarter, an earnings report published on Thursday shows, news agency MTI writes.

The earnings, all from the banking business, improved from a EUR 12 mln loss, produced by the insurance business, in the base period.

Net interest income at the banking business rose 28% to EUR 127 mln and net revenue from commissions and fees climbed 18% to EUR 66 mln.

KBC booked a EUR 19 mln charge related to the extension of an interest rate cap on mortgages and SME loans until the end of 2023.

The stock of client loans of K&H Bank, KBC's Hungarian bank, reached EUR 6.548 bln at the end of June, up 24% from 12 months earlier. The stock of client deposits edged up 1% to EUR 9.305 bln.

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