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Kinizsi Bank sees total assets reaching Ft 33 bln

Hungary's Kinizsi Bank, which converted from a savings cooperative into a bank last year, expects to close 2008 with total assets of Ft 33 billion, 16% more than at the end of 2007, CEO Mónika Pető said.

The bank reached pre-tax profits of Ft 400 million, or 85% of 2007 already in the first eight months of this year, so full-year profits are sure to exceed last year's, Pető said.

Kinizsi Bank had total assets of Ft 30 billion and net assets of Ft 3.2 billion at the end of August. Stock of loans was Ft 14 billion and stock of deposits was Ft 24.2 billion.

The bank has 16,000 retail clients and almost 5,000 corporate clients. It plans to expand its number of corporate clients this year.

Kinizsi Bank has 15 branches in Veszprém county, two in Budapest and one in Székesfehérvár, and it wants to expand into other counties.

The bank is owned by private Hungarian individuals. (MTI – Econews)