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Fundamenta home savings deposits rise 23% in Q1

Fundamenta Home Savings Bank added HUF 80 billion worth of new accounts during the first quarter of 2011, up 23% yr/yr, though the number of new account contracts grew only slightly to 32,000 during the period, Fundamenta told MTI on Wednesday.

Clients signed home loan contracts worth HUF 41.2 billion in January-March this year, of which Fundamenta's loan agreements accounted for HUF 3.73 billion. Fundamenta thereby achieved a 9% market share. While the performance of the entire market was down 26% yr/yr, Fundamenta increased its loan placements by 86% from the end of March 2010.

If this trend continues, Fundamenta could double its performance achieved last year to provide loans worth HUF 32 billion in accordance with its targets.

Fundamenta had after-tax profit of HUF 1 billion in January-March (including the bank tax), the best first-quarter result in the company's history.