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K and H Q1 profits fall on bank levy

Hungary's K and H banking group had after-tax IFRS profit of HUF 4.7 billion in Q1, down 16% from the same period a year earlier as the bank levy took a bite out of earnings, K and H said on Thursday.

Excluding the effect of the extraordinary bank levy, which banks paid for the first time in September of last year, K and H's consolidated after-tax profit would have risen almost 42% to HUF 7.9billion. K and H must pay HUF 16 billion on the levy for the full year in 2011 and it booked HUF 4 billion of this amount in Q1.

K and H's insurance unit has become the runner-up on the mandatory vehicle insurance market, taking 14.5% share.