ADVERTISEMENT

Raiffeisen losses in Hungary narrow as FX mortgage scheme enters base

MNB

Raiffeisen Bank International on Wednesday said it booked a €97 million loss at its business in Hungary in Q1-Q3, well under the €286 million loss in the same period a year earlier, when provisioning was high because of a government scheme allowing early repayment of foreign currency-denominated mortgages at discounted exchange rates. Net interest income in Hungary fell 25% to €177 million on decreasing private customer volumes as well as higher refinancing costs, the bank said. Net income from commissions and fees was down 16% at €57 million. Net provisioning for impairment losses dropped to €147 million from €373 million. The early FX mortgage repayment scheme which lifted provisioning in the base period started winding up at the end of 2011. Total assets of the business in Hungary came to €7.401 billion at the end of September, down 11% from twelve months earlier. Client loans fell 8% to €5.434 billion. Client deposits edged up 2% to €4.984 billion.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

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.