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Citibank Hungary branch 2010 profits halved

After-tax profit of Citibank Europe's branch in Hungary were halved to HUF 10.45 billion in 2010, in part because of an extraordinary bank levy introduced during the year, the bank said on Thursday.

Citibank's Hungarian branch paid almost HUF 3 billion on the bank levy in 2010.

The branch had total assets of HUF 642.4 billion on December 31, 2010, HUF 14 billion more than twelve months earlier. Net stock of loans fell 12% to HUF 141.6billion. Net retail lending stock was down 26% at HUF 65.8 billion and net corporate lending stock was up 5% at HUF 75.8billion. Stock of deposits fell 4% to HUF 344billion.

The branch's ROA fell to 1.64% in 2010 from 3% in 2009.

Net interest revenue fell 13% to HUF 32billion.

Citibank has operated in Hungary as a branch of Citibank Europe, based in Ireland, since January 1, 2009.