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The Land Credit and Mortgage Bank Rt (FHB) had after-tax profit of Ft 2.08 billion (€8 million) in the first quarter of 2006, 3.7% less than in the same period a year earlier, the bank said on Thursday in its preliminary consolidated report, prepared with International Financial Reporting Standards (IFRS).
FHB attributed the decline in profits to narrowing margins and a temporary rise in costs resulting from ongoing developments that are part of the bank's strategy.
FHB had pre-tax profit of Ft 2.74 billion in Q1 2006, down 5.5% from the same period a year earlier, but up 16.8% from Q4 2005. FHB had first-quarter net interest revenue of Ft 4.19 billion, up 3.2% year on year.