K&H group has HUF 38.1 bln after-tax profit in 2015

MNB

Kereskedelmi és Hitelbank group (K&H), owned by KBC Bank of Belgium, had HUF 38.1 billion in after-tax profit in 2015, compared to a more than HUF 28 bln loss in 2014, when the lender had to pay compensation to clients under borrowers relief legislation, K&H CEO Hendrik Scheerlinck said today.

Pre-tax profit was HUF 47.8 bln last year, added Scheerlinck, Hungarian news agency MTI reported.

New loan outlays in 2015 reached HUF 236 bln with K&H signing loan contracts for HUF 223 bln as part of phase II of the National Bank of Hungaryʼs (MNB) Funding for Growth Scheme (FGS).

Under the FGS, the MNB provides zero-interest refinancing to banks, which they can lend to SMEs at an APR not exceeding 2.5%.

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