KBC books €39 mln profit at Hungarian business in Q3
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.
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.