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Fundamenta reports increasing profit

Home savings bank Fundamenta-Lakáskassza has had a successful Q1 and Q2 this year, with nearly 450,000 contracts at the end of June, the company reported. Consolidated pre-tax profit rose nearly 2.5 times year-on-year, totaling Ft 253.8 million. While the company had 25,000 new clients in the first six months of 2004, a year later almost 40,000 new home savings contracts were signed at Fundamenta. The total value of contracts stood at Ft 50 billion at the end of June, up 16% on the same period of the previous year. More than half of the borrowers spent the credit on renovating their homes, while another 25% acquired a property. 7% of the clients used the loan from Fundamenta to repay earlier loans to other lenders. Overall, 99.7% of the loan applications were approved.