The National Bank of Hungary (MNB) had profit of HUF 65.542 billion in 2009 after a loss of HUF 5.464 billion in 2008, the central bank's annual report published on the homepage of Parliament shows.
Profits were boosted by a HUF 127.5 billion increase of foreign exchange gains and a HUF 10.3 billion drop in costs related to "other profit factors". At the same time, interest and interest-related income fell by HUF 72.3 billion.
The bank's operating costs fell 7.9%, or almost HUF 1.2 billion, to HUF 13.7 billion, thanks to an efficiency-improvement project started in 2008. Payroll costs fell because of an 8.9% reduction in headcount. Operating costs, in real terms, were lower than any other year in the past decade, the bank noted.
"The central bank's profit is determined by domestic and global macroeconomic trends, as well as by the goals of the monetary policy and its chosen tools, thus it cannot be used as a measure of the central bank's operating success," the governor said in his summary. (MTI-ECONEWS)