KBC books Q4 net income of EUR 23 mln in Hungary
Belgium’s KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.
The business’ pre-tax profit edged down 2% to EUR 45 mln, but income tax expenses climbed to EUR 21 mln from EUR 4 mln, biting into the bottom line.
Net interest income dropped 3% to EUR 59 mln and net revenue from commissions and fees was down 5% at EUR 40 mln.
The business released EUR 1 mln of loan loss provisions in Q4. Impaired loans accounted for about 9% of the lending portfolio at the end of the period, KBC said.
Its revenue from premiums on general insurance policies increased 29% to EUR 9 mln. Premiums revenue from life policies rose to EUR 3 mln from EUR 1 mln.
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.