Savings Mortgage Bank reports 1.128 tln profit in first half
Savings Mortgage Bank announced the companyʼs individual after-tax profit increased by 3.4% to HUF 1.128 trillion in the first half of 2020, in a financial report released on the website of the Budapest Stock Exchange (BSE).
Photo by magyartakarek.blog.hu
The Mortgage Bank is a specialized financial institution of the Savings Group, and its majority owner is MTB Zrt., while its public share has been around 10% in recent years.
The companyʼs business indicators are mainly the development of the mortgage loan market, and determined by the refinancing needs of banks, in addition the National Bank of Hungary (MNB) relaunched its mortgage bond purchase program, which was the most significant of the MNBʼs steps for Savings Mortgage Bank.
The bankʼs refinanced loan portfolio amounted to HUF 231 bln at the end of June, which is a record not seen for nine years.
The bank also has HUF 55 bln in customer loans, but this portfolio is gradually running out.
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.