KBC earnings in Hungary fall more than one-third
Belgium's KBC booked net income of EUR 114 million at its business in Hungary last year, down 34%, as impairment weighed, an earnings report released on Thursday shows, according to a report by state news wire MTI.
Net interest revenue of the business edged up 3% to EUR 262 mln, but net revenue from commissions and fees fell 11% to EUR 191 mln.
KBC booked EUR 85 mln of impairment in 2020, up from just EUR 1 mln in 2019.
KBC's banking business in Hungary generated profit of EUR 90 mln and its insurance business brought in earnings of EUR 24 mln.
The banking business's stock of client loans stood at EUR 4.94 bln at the end of December, up 7% from 12 months earlier. Stock of client deposits increased 13% to EUR 8.982 bln.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.