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Budapest Bank H1 profits slip 7% to HUF 7 billion

Budapest Bank, a member of the GE Money group, on Saturday said its first-half consolidated after-tax profit fell 7% to HUF 6.95 billion as risk provisions jumped 117% to HUF 18.2 billion.

Budapest Bank had total assets of HUF 957.1 billion on June 30, 2009, 4% more than twelve months earlier, according to Hungarian Accounting Standards. Stock of client loans rose 8% to HUF 728.4 billion. Stock of client deposits increased 3% to HUF 806.7 billion. The bank's loan-to-deposit ratio rose to 102.8% from 92.3%.

Retail loan stock climbed 18% to HUF 467.7 billion. Stock of mortgage loans climbed 27% to HUF 198.5 billion and vehicle loan stock was up 18% at HUF 150 billion.

Corporate loan stock was flat at HUF 307.1 billion. Stock of SME loans inched up 3% to HUF 208.4 billion and stock of leasing loans was up 5% at HUF 70.2 billion.

Net interest revenue increased 9% to HUF 28.5 billion in the first half from the same period a year earlier. Net revenue from commissions and fees rose 30% to HUF 6.8 billion.

Operating costs fell 16% to HUF 20.1 billion. After-tax profit in terms of wage costs fell, however, to 2 percentage points to HUF 81.03%. Pre-tax profit slipped 3% to HUF 9.1 billion. ROE dropped to 13.80% from 16.97%. ROA fell to 1.48% from 1.83%. (MTI-Econews)