KBC books €19 mln loss in Hungary in Q1

Analysis

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.

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