People are aware of the methods of payment fraud, they are afraid of becoming victims of fraud, but they do not consciously protect themselves against it, according to a representative research commissioned by OTP Bank. Almost all respondents have heard of some form of banking fraud and 81% fear becoming a victim of cybercrime. Although […]

CIB Group closed the 2022 financial year with an outstanding result: its profit increased by 128% to HUF 36.1 billion, the financial institution told MTI on Thursday. CIB Group's revenues amounted to HUF 135.6 billion, up 71.0% year-on-year. This was mainly due to the rising interest rate environment and increasing business activity, especially the expansion […]

OTP Bank Plc. has announced on the website of the Budapest Stock Exchange that as of March 21, 2023, T. Rowe Price International Ltd. has increased its voting right in OTP Bank Plc. to 5.02% via owning 14,037,515 ordinary shares. According to a report by the business news site vg.hu quoting Morningstar data, T. Rowe […]

Foreign subsidiaries largely compensated for the losses caused to the group by the war and Hungarian government measures, with after-tax profit falling by only 24% to HUF 347 billion last year compared to a year earlier, Deputy CEO László Bencsik said at a press conference presenting OTP Group's last year's report on Friday. He pointed […]

Erste Bank had a successful year in 2022, with lending growth and operating income up, but profits lower than in the previous year due to one-off tax and regulatory charges, Erste CEO Jelasity Radovan has told a press conference in Budapest. He added that two acquisitions were successfully completed last year, the takeovers of Commerzbank […]

Dutch-based Trive Financial Holding has acquired the Hungarian financial institution Sopron Bank, which will henceforth serve its customers under the name Trive Bank Hungary Plc., the financial group said in a statement sent to MTI on Tuesday. The document says that the bank will operate fully digitally, offering consumer loans and later also fixed deposits […]

Last year, the membership fee income of voluntary pension funds amounted to HUF 120.116 billion, a 2.66% increase compared to the previous year, while the membership fee income of health funds increased by 19.73% to HUF 60.126 billion, Csaba Nagy, president of the National Association of Voluntary Funds (ÖPOSZ), told journalists in Budapest on Thursday. […]

K&H Bank's profit after tax decreased by 10% to HUF 67.6 billion in 2022, Attila Gombás, head of K&H Bank's financial division, said at an online press conference on Monday. He pointed out the decline was mainly due to the fact that their operating costs increased more than revenues, and the impact of special taxes […]

In order to take advantage of the tax relief of up to HUF 130,000 for this year, 8-10,000 people have taken out new pension insurance policies in recent weeks, according to estimates by the Hungarian Association of Independent Insurance Brokers (FBAMSZ). The organization reminds that the tax credit can only be claimed if the amount […]

The majority of large companies' managers expect the Hungarian currency, the forint to weaken further until the summer, with almost all of them adversely affected by the exchange rate change, K&H Bank told the state news agency MTI on Thursday. According to their survey, 65% of respondents expect a weaker forint in the next six […]

Erste Bank Hungary has successfully integrated the clients and activities of Commerzbank's Hungarian subsidiary into its corporate business. With the technical closing of the acquisition, Erste Bank became Hungary's fifth largest corporate lender, with a market share exceeding 10 percent. The customers of Commerzbank's Hungarian subsidiary, Commerzbank Plc., joined Erste Bank Hungary Zrt. smoothly, according […]

Hungary’s OTP Bank signed a purchase and sale contract on the privatization of Ipoteka Bank in Uzbekistan this Monday. According to the contract, OTP Bank will purchase 100% of the shares held by the Ministry of Finance of the Republic of Uzbekistan (nearly 97% shareholding) in two steps: 75% of the shares now and the […]

Erste Bank's profit after tax for the first nine months of this year was 59.2% lower than last year at HUF 18.3 billion, while lending continued to grow, CEO Jelasity Radovan said at a press conference in Budapest on Wednesday. He added that the rise in costs and public charges, as well as accounting settlements […]

At its meeting on August 30, 2022, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided on raising the central bank base rate by 100 basis points to 11.75% - the highest in 18 years - with effect from August 31, 2022. This means that […]

OTP Group achieved a better-than-expected consolidated adjusted profit after tax of HUF 162.128 billion in the second quarter, which was 83% higher than in the previous quarter and 26% higher than a year earlier. The analyst consensus for a quarterly consolidated adjusted profit after tax was HUF 136.541 billion, which implied a year-on-year increase of […]