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Budapest Bank profits slip 21% in 2010

Budapest Bank, a unit of GE's banking arm, had after-tax profit of HUF 10.2 billion in 2010, down 21% from the previous year, chairman-CEO Sean Morrissey said at a press conference on Tuesday.

The bank paid HUF 4.5 billion on an extraordinary bank levy last year, Morrissey said.

Budapest Bank's consolidated pre-tax profit fell HUF 20% to HUF 12.2 billion.

The bank had total assets – calculated with Hungarian Accounting Standards – of HUF 911 billion on December 31, 2010, little changed from the HUF 909.8 billion twelve months earlier.