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FHB after-tax profit up 3.5% yr/yr in Q1, down 3% from end of 2009

FHB Land Mortgage Bank posted after-tax profit of HUF 1.5 billion (€5.38 million) in the first quarter of 2010, up 3.5% from Q1 of 2009, though down 3% from the end of last year, the bank revealed in its consolidated first-quarter IFRS report on Monday morning.

FHB's unaudited first-quarter IFRS report showed consolidated net assets of HUF 772.4 billion on March 31, 2010, up 3.5% from the same date in 2009, though down 3.6% from December 31 of last year.

Net stock of loans was HUF 342.4 billion at the end of the first quarter, down 2.6% yr/yr, though up 0.4% from the end of 2009.

The bank's stock of refinanced loans was HUF 257.9 billion at the end of the first quarter, down 13.6% yr/yr and down 1.9% from the end of 2009.

FHB generated interest revenue of HUF 6.8 billion in the first quarter of 2010, up 44.3% yr/yr, though down 29.8% from the fourth quarter of 2009. The bank noted that first-quarter interest revenue was down only 1.5% from Q4 of 2009 discounting the one-off effect of a repayment of state capital during the final quarter of last year.

Average net interest margin was 3.49% in the first quarter of 2010, unchanged from Q4 of 2009 and up from minus 2.80% in Q1 of last year.

Operating expenses were HUF 3.3 billion in the first quarter of 2010, down 13.8% yr/yr and down 0.8% from Q4 of 2009.

Depreciation ratio was 1.47% at the end of the first quarter, compared to 1.04% at the end of 2009 and 0.55% at the end of Q1 of last year.

Return of average assets (ROAA) declined to 0.8% in the first quarter of 2010 from 0.9% in Q1 of 2009, while return on average equity (ROAE) declined to 13.1% in the Q1 of this year from 14.9% during the same period last year.

Price-to-earnings (PE) ratio rose to 15.4% in the first quarter of 2010 from 5.9% in Q1 of last year. (MTI-Econews)