K+H Bank: Full-Year Bank Levy, Windfall Profit Tax Booked in Q1

K+H Bank, the Hungarian unit of Belgian's KBC, had a first-quarter loss of HUF 19 billion as it booked the full amount it must pay for the year on the bank levy and windfall profit tax, the lender said on Monday.

K+H Bank booked HUF 58 billion for the bank levy and windfall profit tax in Q1.

Stock of client loans rose 13% to HUF 3,501 billion in the twelve months to the end of March. Deposit stock increased 7% to HUF 4,386 billion. Client numbers rose 6% to 1.1 million.

CEO Peter Roebben said Home Start subsidized credit for first-time home buyers and personal loans drove retail lending, but corporate lending remained "subdued" on a still weak outlook for the economy.

CFO Attila Gombás said the bank's home lending stock grew 27% while personal loan outlays surged 50%. The bank took 15% share of the market for subsidized credit for blue collar workers, he added.

K+H Insurance also had a loss for the quarter, HUF 1.1 billion, after booking the full-year amount of the windfall profit tax, said CEO Evgeni Benbasat. Revenue from premiums on general insurance policies edged up 2% to HUF 24.5 billion, she added.