MKB after-tax profit up sharply in H1

Telco

MKB Bank had HUF 19.46 billion after-tax profit in the first half of 2017, compared to HUF 1.54 bln in the corresponding period of last year, the lenderʼs consolidated IFRS report published on Wednesday shows, as reported by state news wire MTI.

Pre-tax profit was up at HUF 20.45 bln, from HUF 3.72 bln last year. The tax burden for H1 2017 was HUF 983 million, down from HUF 2.17 bln in H1 2016.

Net interest revenue was up 11.6% at HUF 19.8 bln as interest revenue and expenditures fell by 8.2% and 34.8%, respectively, to HUF 28.34 bln and HUF 8.62 bln.

Net commission and fee revenue was marginally up at HUF 14.62 bln, while operating costs increased 11.7% to HUF 20.81 bln.

Other operating revenue reached HUF 6.3 bln, compared to a HUF 7.32 bln expenditure in the base period, and while in 2016 provisioning represented a HUF 2.58 bln burden, now reallocated reserves increased earnings by HUF 539 mln.

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