KBC books €19 mln loss in Hungary in Q1
The Hungarian business of Belgian's KBC had a first-quarter loss of €19 million as it booked the full-year amount it must pay on the bank levy, €54 million, in the period, KBC's earnings report published Thursday shows. The loss narrowed from €38 million in the base period. The business's net interest income fell 9% to €64 million because of falling demand for retail and SME loans, KBC said. Net revenue from commissions and fees rose 36% to €30 million. Provisioning reached €11 million in Q1, only a little more than one-third of the €29 million in the same period a year earlier. KBC said loan loss impairment was related almost entirely to the retail portfolio. KBC noted that it paid €9 million on the recently introduced financial transaction levy in Q1. Revenue from premiums on insurance policies at the Hungarian business came to €18 million in Q1, up 6% from the base period.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.