Banking sector profits reach HUF 698 bln in 2019

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Onchira Wongsiri/Shutterstock

Combined after-tax profit of Hungaryʼs banking sector rose 8.5% to HUF 698 billion last year, state news wire MTI reports, citing data released by the National Bank of Hungary (MNB).

Image: Onchira Wongsiri/Shutterstock

Net interest revenue rose 8% to HUF 1.278 trillion and net revenue from commissions and fees increased 20.9% to HUF 818 bln.

The sectorʼs write-offs and provisions reached HUF 91 bln, up from HUF 33 bln in 2018.

Hungarian lendersʼ combined total assets stood at HUF 49.780 tln at the end of the year, up 18.2% from the end of 2018. Stock of loans increased 22.2% to HUF 31.110 tln. Including advances and money at call, lending stock increased 22.4% to HUF 34.949 tln.

MNB data show 40% of loans were at banks abroad, reflecting the sizable foreign presence of OTP Bank, Hungaryʼs biggest commercial lender. Lending stock abroad increased by 30.1% as OTP went on a buying spree that added six businesses to its foreign portfolio.

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