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Lenders' Q1 Profit Quadrupled to HUF 321 bln

Banking

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The combined after-tax profit of Hungarian lenders quadrupled to HUF 321 billion in the first quarter from HUF 78 bln in the base period, according to data released by the National Bank of Hungary (MNB).

Net interest revenue climbed 62% to HUF 817 bln, and net income from commissions and fees increased 18% to HUF 309 bln. Operating costs rose 69% to HUF 867 bln.

The data shows a positive HUF 104 bln on the "other income" line, up from zero in the base period. The MNB said the sector's "other income" had been "significantly affected" by the one-off positive impact of an acquisition abroad by a Hungarian banking group.

OTP Bank, Hungary's biggest commercial lender, earlier noted a HUF 103 bln badwill impact of its acquisition of Slovenian peer Nova KBM in its first-quarter earnings report.

Lenders' total assets came to HUF 85.376 tln at the end of March, up 17% from 12 months earlier. Lending stock edged up 1% to HUF 47.89 tln. The non-performing loan ratio fell to 3% from 3.2% during the period.

The stock of deposits increased 14% to HUF 67.636 tln.

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