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Financial sector companies book HUF 71 bln loss in 2014

MNB

Hungarian financial sector companies saw a combined after-tax loss of HUF 70.8 bln last year, up from the previous year’s HUF 9.3 bln, Hungarian news agency MTI said today citing data from the National Bank of Hungary.

The companies were likely hit last year by borrowers relief legislation that required lenders to pay retail clients compensation for making unilateral changes to contracts and for using exchange rate margins to calculate repayments on FX loans, the central bank’s report said.

Gross stock of retail property loans of businesses reached HUF 96.4 bln at the end of last year, the report added.

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