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MKB H1 pre-tax profits up 10.8%

The Hungarian Foreign Trade Bank (MKB) had pre-tax profit of Ft 9.72 billion in H1 2005, up 10.8% from same period last year, according to the bank's unaudited, unconsolidated report prepared with Hungarian Accounting Standards and published yesterday, MTI-Eco reported. MKB's after-tax profit decreased 1.6% to Ft 7.47 billion during the period, because of the extraordinary banking tax all of Hungary's banks must pay in 2005 and 2006. MKB's unconsolidated total assets increased 18.5% to Ft1,610.3 billion in the twelve months to June. Konzumbank's merger with MKB on July 1, 2004 was the main reason for the significant increase. MKB's stock of loans to clients was Ft 1,145.9 billion at the end of June, up 24.7% from a year earlier.