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FHB Q2 profit down 41% on bank tax

Hungary's FHB Mortgage Bank had consolidated after-tax profit of HUF 759 million in the second quarter, down 41.2% yr/yr as a result of the extraordinary bank sector tax, FHB announced in its consolidated IFRS report on Monday.

Excluding the extraordinary bank tax, FHB had second-quarter after-tax profit of HUF 1.37 billion, up 5.8% yr/yr.

FHB had first-half after-tax profit including payment of the special bank tax of HUF 928 million, down 66.8% yr/yr, and first-half after-tax profit excluding payment of the tax of HUF 2.54 billion, down 8.9% yr/yr.

FHB had total assets of HUF 839.8 billion at the end of the second quarter, up 1.2% yr/yr.

FHB had risk provisions of HUF 25.3 billion in the first half of this year, up 109.9% yr/yr.

The percentage of non-performing loans, those over 90 days past due, in FHB's portfolio was 10.57% at the end of the second quarter of 2011, up from 9.53% at the end of Q2 2010.

FHB is an A-category issuer at the Budapest Stock Exchange.