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Fundamenta-Lakáskassza carves out 12% of home loan market

Home savings bank Fundamenta-Lakáskassza lent clients HUF 11.44 billion in the first half, giving it an 11.9% share of Hungary's home loan market, including foreign currency-denominated loans, up from 3.9% in the same period a year earlier, the bank said on Tuesday.

Fundamenta-Lakáskassza said earlier it had 9% market share in Q1 2011.

Fundamenta-Lakáskassza expects outlays of home loans to reach about HUF 34 billion by the end of 2011, raising its market share to 17-18%.

The bank's share of forint home loan outlays in H1 was 12.3%, up from 7% in the same period a year earlier. Fundamenta-Lakáskassza only offers its clients forint-based products.

The bank signed about as many contracts in H1 as in the same period a year earlier, but the size of the contracts rose.

Fundamenta-Lakáskassza had operating profit of HUF 2.85 billion in H1, excluding the effect of the extraordinary levy on financial sector companies, up from HUF 2.38 billion in the base period, before the bank levy was introduced. First-half pre-tax profit came to HUF 2.24 billion.