Profits were under the target because of the HUF 920m the bank had to pay for the extraordinary financial sector levy, Gergely said.
This year, Fundamenta-Lakaskassza plans HUF 32 billion in outlays, more than double that in 2010. The bank aims to take 13% of the home loan market.
Last year's results were helped by a 20% increase in net interest revenue and a cautious cost policy, Gergely said. At the same time, risk reserves turned out well, thus the cost-to-revenue ratio fell to 48.7% from 53.9% in 2009, he added.
Fundamenta-Lakaskassza has paid out a combined HUF 243.7 billion on 317,617 contracts since it was established in 2011. Within this number, the bank has closed 296,619 contracts worth a combined HUF 224.7 billion.
Fundamenta-Lakaskassza's outlays came to HUF 13.56 billion in 2010, climbing a sharp 32% because of a ban on foreign currency-denominated mortgages.
The bank could raise its stock of loans to from HUF 30 billion at the end of 2010 to HUF 50 billion by the end of 2011 and to HUF 100 billion in the mid-term, increasing its loan-to-deposit ratio from 14% to 70% by 2018. A government decision to extend the period home savings bank contracts are subsidised from 8 to 10 years will help Fundamenta-Lakaskassza's expansion, Gergely said. The change, which affects contracts signed from the start of 2011, will raise the amount of an optimal contract from HUF 6.5m to HUF 8m, he added.
Fundamenta-Lakaskassza aims to sign more than 137,000 contracts in 2011, 10,000 more than in 2010. The new contracts will have a combined worth of HUF 325 billion.
Aiming to raise the bank's number of clients from 650,000 at present to 1m in the mid-term is "brave" but not unachievable, Gergely said.
Fundamenta-Lakaskassza has "reinforced" its marketing, he said. Earlier it had a low profile, for example in the television advertisement segment, because home savings bank ads could have been lost among those for other commercial banks.
The state pays a subsidy on home savings bank deposits of 30% up to HUF 72,000 a year. (Econews)