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Cetelem profits slip in 2005

Magyar Cetelem Bank Rt, a leader on Hungary's consumer loan market, had after-tax profit of Ft 3.629 billion in 2005, down from Ft 3.946 billion in the previous year, but its stock of loans increased to Ft 70.7 billion by the end of 2005 from Ft 59.66 billion a year earlier.

President-CEO János Lendvai said Hungary's extraordinary bank tax raised costs by Ft 400 million in 2005. He added that Cetelem's stock of new loans was Ft 49.5 billion in 2005, 17% more than in the previous year. The bank expects only moderate growth in 2006, targeting new loans of Ft 57 billion, bringing its total stock of loans to Ft 82.2 billion by the end of the year. It targets pre-tax profits of Ft 5.1 billion, only about 5% more than in 2005.
Lendvai unveiled the bank's new logo and look on Thursday.