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Budapest Bank group posts 63% rise in Q1 earnings

The Budapest Bank group posted net income of HUF 4.4 billion (€15.78 million) during the first quarter of 2009, up nearly 63% from HUF 2.7 billion in Q1 of 2008, Budapest Bank announced.

Total assets rose 19% to HUF 999.4 billion, partially as the result of a revaluation of currency assets and liabilities.

The stock of loans toward clients rose 19% to HUF 822.7 billion, while that from clients rose 20% to 808.6 billion.

Operational expenditures declined 18% as a result of cost-cutting measures.

Profit margin declined to 5.01% from 5.69%.

ROA rose to 1.93% from 1.3%, while ROE increased from 12.79% to 18.05%.

Net income was HUF 4.9 billion until the end of April, including HUF 3.4 billion from Budapest Bank itself. (MTI – Econews)