KBC books €39 mln profit at Hungarian business in Q3

Analysis

Belgium's KBC Bank booked net income of €39 mln at its business in Hungary in the third quarter, down by 9% from the same period a year earlier, an earnings report published today shows. Net interest income rose by 6% to €72 mln and net revenue from commissions and fees climbed by 11% to €41 mln.  Impairment was down by 15% at €11 mln.

KBC's insurance business generated revenue from premiums of €14 mln in the general segment, down 13%, and €3 mln in the life segment, level with the same period a year earlier.

KBC noted that the business in Hungary had a €139 lnm loss in the previous quarter as it booked a provision for compensation it expected to pay under borrowers' relief legislation approved in the summer. The impact of the law was set to come to €183 lnm, after tax, KBC noted.

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