HVB H1 profits go sky-high
Friday, August 12, 2005, 05:06
Pre-tax profits of HVB Mortgage Bank (HVBJ) Rt has already passed the Ft 1 billion limit in H1, which is over the previous half by 30.8%, according to the latest financial report of the company, reported in Napi Gazdaság. "By the end of the year, we are expecting to top Ft 2 billion," explained HVBJ CEO Gyula Nagy. The company has been in the black for the past 4 years and the business is growing continuously. The results of the bank do not show yet that the forint based loan market recently has slowed down tremendously as the forex-based loans have somewhat taken over to compensate for the profit. In H1, HVBJ's outstanding real-estate loans grew by Ft 900 million thus reaching Ft 12.4 billion, whereas the refinanced loans are up by Ft 1.3 billion totalling Ft 58.4 billion, just like mortgage loans lent to businesses, which amount to Ft10.4 billion.