Are you sure?

CIB Bank H1 profit drops 82pc as commissions, fees fall

First-half consolidated after-tax profit of CIB Bank plunged 82pc to HUF 105m from the same period a year earlier as revenue from commissions and fees dropped, the bank's IFRS report for the period published late Tuesday shows.

CIB Bank's net interest revenue rose 9pc to HUF 34.1bn during the period, but revenue from commissions and fees dropped 9pc to HUF 16.5bn. Operating costs fell 10pc to HUF 29.4bn. Operating profit was down 65pc at HUF 1.3bn.

The bank reported HUF 34.9bn of risk provisions and write-offs in H1, practically level with the amount in the same period a year earlier. The balance sheet showed risk provisions of HUF 7.1bn on June 30, up 73pc from twelve months earlier.

CIB Bank's pre-tax profit fell 61pc to HUF 1.2bn.

CIB Bank had total assets of HUF 2,863.2bn on June 30, down 7pc from twelve months earlier. Net assets rose 23pc to HUF 265.1bn.

Stock of client loans fell 3pc to HUF 2,355.4bn and stock of client deposits was down 7pc at HUF 1,502.2bn. (MTI-ECONEWS)