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Student loan provider breaks even in 2010

State-owned non-profit student loan provider Diákhitel Központ (DK) broke even last year, posting net losses of HUF 9 million in 2010 after net losses of HUF 3 million in 2009, the company's annual report shows.

Total assets came to HUF 237.2 billion.

DK provided student loans to a value of HUF 209 billion to around 304,000 students from the beginning of its operations in 2001 until the end of 2010. The company disbursed loans to a value of HUF 22 billion in 2010, down 1.7% from the previous year. At the end of 2010, the stock of student loans amounted to HUF 227 billion, including compounded interest of HUF 55 billion.

Interest revenue from student loans and financial revenues fell 11% yr/yr to HUF 17.2 billion in 2010, while interest expenditures declined 12% to HUF 12 billion.

Risk provisions totaled HUF 17.7 billion at the end of 2010.

DK carried out 7 bond issues in 2010, to a value of HUF 29.5 billion. HUF 20 billion worth of bonds expired, HUF 5.7 billion were repurchased, as a result of which the stock of student loan bonds in circulation came to HUF 77.24 billion at the end of 2010.

DK had net assets of HUF 2.29 billion at the end of 2010, including registered capital of HUF 300 million.

The Hungarian development bank MFB has been exercising owners' rights over DK since June 17, 2010.