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Bank levy, early repayment scheme weigh on K&H Bank Q1-Q3 earnings

K&H Bank had consolidated IFRS after-tax profit of HUF 100m in Q1-Q3, CEO Hendrik Scheerlinck said in Budapest on Monday.

K&H Bank and its units paid HUF 12bn on the extraordinary bank levy in Q1-Q3, Scheerlinck said. The group wrote off HUF 25.2bn for an expected loss on early repayment of foreign currency-denominated loans under a government scheme that gives borrowers discounted exchange rates, he added.

About 8,000 of the bank’s clients repaid a combined HUF 45bn of loans under the scheme by November 9, he said. A further 3,000 have applied to join the scheme, he said.