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Savings Mortgage Bank reports 1.128 tln profit in first half

Banking

magyartakarek.blog.hu

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.

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