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MKB nine-month profits nearly double year-on-year

MKB Bank had unconsolidated after-tax profit of Ft 12.593 billion in the first nine months of 2005, according to International Financial Reporting Standards, 5% down from the same period a year earlier, the bank announced on Thursday. MKB had nine-month pre-tax profits of Ft 17.282 billion, up 13.6% year-on-year and 15.7% over the target.
Return on equity (ROE) was 19.4% in January-September, compared to 19.2% in the same period last year. Nine-month ROE also exceeded the bank's ROE for all of last year of 16.8%. Average return on assets (ROA) was 1.5% in January-September, down from 1.6% in the same period last year, but over ROA of 1.4% for all of 2004.
MKB Bank's cost-to-revenue ratio was 52.3% in January-September, slightly worse than 51.9% in the same period last year, but better than the 56.3% for all of 2004. MKB had total assets of Ft 1,603 billion at the end of September, 9.8% more than twelve months earlier. The stock of loans increased 14.6% to Ft 1.178 billion, and deposits rose 9.8% to Ft 804 million.