K&H Bank after-tax profits slip 2.4% in 2005 on one-off items
Monday, February 13, 2006, 16:55
K&H Bank's consolidated International Financial Reporting Standards (IFRS) after-tax profit fell 2.4% to Ft 17.7 billion in 2005, because of the extraordinary banking tax and the adoption of a new logo, as well as one-off costs related to its brokerage and changes in the calculation of general risk provisions, the bank announced on Monday. Excluding the effect of these items, after-tax profits rose 25%, the bank noted. Despite the fall in profits, K&H Bank said it outperformed all of its targets for the year. Pre-tax profit rose 7.8% to Ft 23.8 billion in 2005, calculated according to the unaudited consolidated IFRS figures released on Monday. Total assets were Ft 1,935 billion at the end of 2005, 12% more than a year earlier.