Revenue edged up 1% as net interest revenue stagnated, K&H said. Group CEO Peter Roebben attributed the decline in earnings to higher banking sector taxes, flat interest revenue and “intensive” IT investments.
K&H paid HUF 48 bln in banking sector taxes in Q1. Total assets reached HUF 6.115 trillion.
Stock of client loans stood at HUF 3.111 tln at the end of March, up 8% from 12 months earlier.
Client deposits rose 8% to HUF 4.092 tln.
Investment fund stock climbed 21% to HUF 1.803 tln. The lender’s NPL ratio fell 0.5 pp to 0.9%.
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