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K&H Bank Q1 profit falls on one-offs

K&H Bank, the Hungarian unit of Belgiumʼs KBC, had first-quarter after-tax profit of HUF 12.2 billion, down 19% year-on-year, the lender said on Monday. Including extraordinary items, net income rose almost 5%, state news wire MTI reported.   

Operating income rose 8% to HUF 39.5 bln as net interest revenue increased 3% and net revenue from commissions and fees was up 9%, the bank revealed.

Credit outlays reached HUF 110 bln in Q1, and included HUF 24 bln of mortgage loans. About 96% of new mortgage loan contracts were fixed rate at the end of the period, up from 60% twelve months earlier due to an initiative by the National Bank of Hungary (MNB) to promote fixed-rate mortgages.

After-tax profit of insurance unit K&H Biztosító was up 20% at HUF 1.3 bln during the period.

K&H has about 1.5 million clients and operates 206 retail branches around the country, MTI noted.