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Commerzbank profits slip 6% in 2005

Commerzbank Zrt had after-tax profit of Ft 2.438 billion in 2005, 6% less than in the previous year, president-CEO Tamás Hák-Kovács announced on Thursday. Hák-Kovács blamed the fall on Hungary's extraordinary banking tax, but conceded that pre-tax profit had also dropped 6.7% to Ft 2.881 billion. Total assets increased 15% to Ft 178.96 billion, while net assets rose 15% to Ft 18.86 billion. The bank's stock of loans to clients rose 21% to Ft 161.77 billion, and its stock of deposits increased 16% to Ft 147.53 billion.


Commerzbank targets SMEs with annual revenue between Ft 150 million and Ft 1.5 billion, and it will continue to focus on these companies, Hák-Kovács said. The bank aims to set up a network of 12 branches over the next two years, including six in 2006.