Fundamenta-Lakáskassza new contracts up one-fifth

Telco

Hungarian home savings bank Fundamenta-Lakáskassza signed new home savings contracts in the amount of HUF 422 bln last year, an increase of 20% as compared to the previous year, with the number of new contracts rising by 12% to 139,000, chairman-CEO Károly Gergely said today.

The bank's after-tax profit rose to HUF 6.8 bln from the previous year’s HUF 5.9 bln. The bank expects to pay HUF 2.5 bln of the profit out as dividends.

According to the CEO, every forint the government spends on subsidizing clients' home savings generates HUF 6 of expenditures on home purchases or renovations.

The bank’s own network of sales staff signed contracts worth HUF 289 bln, while partners accounted for contracts worth HUF 117 bln and online sales reached HUF 16 bln, Gergely added. Online activity jumped by 74% as compared to the previous year.

Fundamenta-Lakáskassza disbursed HUF 68.5 bln in loans to clients last year, up 36%. The outlays gave Fundamenta-Lakáskassza about 28.4% market share. Fundamenta-Lakáskassza's non-performing loan ratio was 1.5% at year-end. Stock of outstanding loans reached HUF 180 bln, or 49% of stock of deposits.

Fundamenta-Lakáskassza has about HUF 200 bln in government securities and central bank deposits maturing between 2015 and 2028, Hungarian news agency MTI said.

Fundamenta Lakáskassza is a privately-held bank that provides 30% state funding based on the clients’ savings deposited at the bank, that clients can use for building, buying or renovating their homes.

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