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Non-bank financial businesses' profits increase 9.8% in Q1

Hungary's non-bank financial businesses, such as leasing and factoring companies, had combined after-tax profit of Ft 11.74 billion in the first quarter of 2006, 9.8% more than in the same period a year earlier, according to figures compiled by the State Financial Supervisory Authority (PSzÁF).

The sector's net revenue from interest increased 15.1% and operating costs increased 24% in Q1 2006 from the same period a year earlier. Write-offs and risk reserves increased 3.7% to Ft 5.85 billion. The businesses had combined pre-tax profit of Ft 14.73 billion in Q1 2006, 9% more than in the same period a year earlier.
The sector's total assets at the end of March were Ft 2,070.6 billion, 23% more than twelve months earlier and 2.9% more than at the end of 2005. The sector's lending stock increased 25% in the twelve months to March 31 and was up 3% from December 31, 2005. Lending stock accounted for 88.6% of total assets at the end of March 2006.
Non-bank financial businesses relied on banks for 85.2% of their resources at the end of March, up from 84.4% at the end of 2005. The sector's net assets were Ft 171.13 billion at the end of March, 23.4% more than twelve months earlier and 1% more than at the end of 2005. Net assets were equivalent to 8.3% of total assets.