FHB bank losses narrow in Q1

Telco

FHB Bankʼs first-quarter loss narrowed to HUF 1.3 billion from HUF 3.8 bln in the same period a year earlier, an earnings report released late yesterday shows, according to Hungarian news agency MTI.

Earnings per share came to a negative HUF 24. 

Net interest income dropped 33% to HUF 3.5 bln, but net revenue from commissions and fees rose 8% to HUF 1.7 bln. 

Operating income reached HUF 5.4 bln. In the base period, the lender was HUF 2.2 bln in the red on the operating income line. 

FHB booked a HUF 1.6 bln provision for impairment, after releasing HUF 5.5 bln in provisions in the base period. 

ROA improved 1.2 percentage points to -0.7%. ROE was 13.1 percentage points higher at -4.8%.

FHB had total assets of HUF 738.7 bln at the end of March, down 10% from twelve months earlier. Net assets rose 28% to HUF 107.4 bln. 

Client loans fell 7% to HUF 310.2 bln. Retail lending stock was down 12% at HUF 217.4 bln, but the corporate loan book expanded 6% to HUF 92.8 bln. 

FHB noted that new retail lending volume rose 54% to HUF 5.3 bln, while disbursals of corporate loans were up 45% at HUF 9 bln. 

FHB said it had disbursed HUF 823 million under the governmentʼs revamped home purchase subsidy program for families with children since its launch last summer. In terms of subsidy volume, FHB put its market share over 10%.

FHBʼs non-performing loan ratio stood at 13.5% at the end of March, down from 20.2% at the end of 2014. 

Stock of client deposits dropped 4% to HUF 331.7 bln.

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