KBC earnings in Hungary fall more than one-third

Banking

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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.

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