Are you sure?

Fundamenta-Lakáskassza pre-tax profit doubles as costs fall

Hungarian home savings bank Fundamenta-Lakáskassza's pre-tax profit jumped 106.6% to HUF 2.52 billion in 2009 as net interest revenue grew faster than costs, chairman-CEO Károly Gergely said.

Fundamenta-Lakáskassza's net interest revenue rose 33.2% to HUF 8.67 billion, while general costs increased just 12.1% to HUF 4.65 billion.

The bank had total assets of more than HUF 200 billion at the end of 2009.

ROE climbed to 34.6% from 23.1% and the bank's cost-to-income ratio fell to 53.9% from 65.1%.

Stock of loans climbed 21% to HUF 23.5 billion. The number of contracts with deposit holders inched up to reach almost 600,000.

Fundamenta-Lakáskassza's share of Hungary's home lending market rose over 10.6% in 2009.

The bank signed 138,000 new contracts in 2009, only slightly fewer than the 141,000 in 2008, in spite of the crisis. (MTI – Econews)