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CIB Bank after-tax profits increase 13% in 2005

CIB Bank Zrt had consolidated after-tax profit of Ft 18.6 billion in 2005, 13% more than in the previous year, according to the bank's audited annual figures, prepared with International Financial Reporting Standards and published on Monday. Excluding the effect of Hungary's two-year extraordinary banking tax, the bank's profits would have increased 22% to Ft 20 billion, CEO László Török said. CIB Bank's consolidated pre-tax profit rose 16% to Ft 24.4 billion in 2005. Total assets rose 23%, well over the 18% average increase for the sector, to Ft 1,473.8 billion, making CIB Hungary's fourth biggest bank, with 8.3% of the sector. Török said CIB Bank had outperformed its profit target and its return on equity target. In 2006, the bank expects after-tax profit of more than Ft 20 billion.