Budapest Bank profit climbs 13% in 2012

Telco

Budapest Bank, the Hungarian unit of GE Money, had after-tax profit of HUF 10.9 billion in 2012, up 13% from the previous year, chairman-CEO György Zolnai said at a press conference on Wednesday. Zolnai attributed the improvement to a significant reduction in risk provisions and stable operating costs. He added that the bank's key business areas grew, noting a 4% increase in corporate lending. The bank finished 2012 with consolidated total assets of HUF 925.6 billion, down 2% from twelve months earlier, according to Hungarian Accounting Standards.

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