MKB Q1 earnings climb on interest income, revaluations

Banking

Wikimedia Commons/Globetrotter19

The first-quarter after-tax profit of MKB Bank rose to HUF 26.8 billion from HUF 1.8 bln in the base period, lifted by interest income and revaluation results, an earnings report released on Wednesday shows.

Net interest income, adjusted for one-offs, climbed 48% to HUF 11.5 bln. Adjusted net revenue from commissions and fees fell 8% to HUF 5.5 bln.

MKB Bank booked a net revaluation gain of HUF 17.6 bln in Q1, improving from a net revaluation loss of HUF 4.9 bln in the base period.

MKB had total assets of nearly HUF 2.997 trillion at the end of March, up 48% from 12 months earlier. The stock of client loans increased 7% to HUF 1.136 tln. Client deposits rose 33% to almost HUF 1.817 tln.

The bank's NPL ratio fell 1.37 percentage point to 2.54% during the period.

MKB is part of an ongoing tie-up with Budapest Bank and MTB Magyar Takarékszövetkezeti Bank that will create Hungary's second-biggest commercial lender: Magyar Bankholding.

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