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Citibank Hungary branch announces HUF 10.8 bln profit for 2011

The Hungarian branch of Citibank Europe closed 2011 with after-tax profit of HUF 10.8 billion, up 4% from the previous year, the lender said on Wednesday.

Pre-tax profit rose 26% to HUF 16.4billion , according to Hungarian Accounting Standards. The branch had total assets of HUF 813.4 billion on December 31, 2011, up 29% from twelve months earlier. Batara Sianturi, who heads the branch, said the loan-to-deposit ratio was a remarkable 35.2% last year. Net interest revenue came to HUF 31.8 billion. ROA was 1.5%. Net lending stock edged up 1% to HUF 142.6 billion. Stock of deposits increased 18% to HUF 404.8 billion. Retail lending stock dropped 11% to HUF 58.6 billion  but stock of retail deposits climbed 25% to HUF 119.4 billion. Net corporate lending stock rose 10.8% to HUF 84 billion and corporate deposits climbed 15% to HUF 285.4 billion. Sianturi said Citibank issues every third credit card in Hungary.