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Budapest Bank 2008 profits jump 67%

Budapest Bank's after-tax profit rose 67% to HUF 12.34 billion in 2008, the bank said in a statement, citing its consolidated, audited report, prepared with Hungarian Accounting Standards.

The report was approved by shareholders at an annual general meeting on Tuesday. Shareholders also voted to pay a dividend only on preference shares and place the rest of profits into profit reserves, in line with earlier practice.

The bank had total assets of HUF 938.04 billion on December 31, 2008, 15% more than twelve months earlier.

Stock of client deposits increased 16% to HUF 754.32 billion. Stock of client loans climbed 20% to HUF 767.46 billion.

Net interest revenue rose 16% to HUF 53.38 billion, and net revenue from commissions and fees increased 26% to HUF 10.94 billion.

Pre-tax profit rose 81% to HUF 15.57 billion.

ROE improved to 13.16% from 9.06%, and ROA rose to 1.41% from 0.98%.

CAPEX increased 7% to HUF 47.61 billion as the bank expanded. The bank had 106 branches, as well as four lending points and 24 Money Plus private banking centers at the end of 2008.

Budapest Bank's headcount was 551 at year-end.

Budapest Bank will continue to focus on retail and SME financing in the future, the bank said. (MTI – Econews)