Despite the extra profit tax, interest rate freeze and credit market slowdown, the Hungarian banking sector made unprecedented profits in the first half of this year. The domestic profit of HUF 676 billion means that for the first time in a long time, the sector's profit on equity rose above 20%. On a non-consolidated basis, […]

According to preliminary financial accounts data, the net financing needs of the general government in Hungary amounted to HUF 697 billion in the second quarter, or 3.8% of GDP, compared with 11.4% in the previous quarter and 1.6% a year earlier, the National Bank of Hungary (MNB) said on Friday. In the year to the […]

The National Bank of Hungary (MNB) will increase the amount of euro liquidity offered on swap tenders, the central bank said on Wednesday. The tenders will be announced with a total amount of EUR six billion, instead of EUR five billion. As the financial website portfolio.hu notes, MNB is committed to achieving the inflation target […]

Assets under management in investment funds increased by five percent, or HUF 564 billion, to HUF 11,915 billion in July, the Association of Investment Fund Managers and Asset Managers of Hungary (Bamosz) told MTI on Monday. The statement highlighted that HUF 117.8 billion of capital left money market funds, while the assets of the category […]

The amount financed on the Hungarian leasing market totaled HUF 429.11 billion in the first half of the year, up 2% year-on-year, while the number of contracts decreased by 7%, the Hungarian Leasing Association informed MTI on Monday. The organization added in a statement that adjusted for last year's one-off HUF 50 billion real estate […]

OTP Group achieved consolidated adjusted profit after tax of HUF 283.940 billion in the second quarter, significantly better than analysts' expectations, exceeding the previous quarter by 52% and the year-earlier quarter by 75%, the financial institution reports. The analyst consensus was for a quarterly consolidated adjusted profit after tax of HUF 194.723 billion, which implied […]

Erste Bank Hungary's profit after tax, including one-off effects, amounted to HUF 46.7 billion in the first half of the year, compared to HUF 4.4 billion in the same period last year and HUF 31.7 billion in the first half of 2021, the CEO of Erste Bank Hungary, Jelasity Radovan said at a press conference […]

The role of financial planning has become more important for Hungarians, with more than half of them regularly keeping track of household income and expenditure, according to a representative survey conducted in May by Provident Pénzügyi Zrt.'s parent company International Personal Finance. As the summary sent to MTI on Monday points out, the survey measured […]

The domestic fintech sector in Hungary has continued to grow, with the number of active fintechs increasing to 175 in 2022, employing nearly 9,000 people, with a significant increase in revenue and improved profitability, according to the Fintech and Digitalization Report by the National Bank of Hungary (MNB). The sector appears to be entering a […]

After a slowdown last year, the growth of assets under management at domestic private banking service providers has picked up again this year, exceeding HUF 8,600 billion by the end of June. However, the growth of customer accounts does not show such a positive picture. Domestic providers remain pessimistic about the risks to private banking […]

All over the world, tax havens are causing massive losses to countries' budgets. The tax avoidance practices of corporations are costing USD hundreds of billions in lost revenue, but the flight of individuals' offshore assets is also causing massive losses. Hungary is a tax haven for companies, but the wealthiest have saved nearly 5% of […]

At its meeting on 25 July 2023, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to leave unchanged the central bank base rate at 13% with effect from July 26, 2023. MNB’s primary objective is to achieve and maintain price stability. Without prejudice to […]

The monthly repayments are the main factor that Hungarians look at when considering whether to take out a loan to finance their plans. And for those who have been granted a loan by a financial institution in the past year, the total cost of the loan and how easy it was to borrow are the […]

Assets under management in investment funds increased by 7.9% to HUF 11,351 billion in June, the Hungarian Association of Investment Fund Managers and Asset Managers (Bamosz) told MTI on Friday. Money market funds received HUF 115 billion in capital, which is a large amount compared to the net asset value, and accordingly, the assets of […]

Start Garancia Plc. closed an outstanding financial year in 2022: its profit after tax increased to HUF 2.33 billion from HUF 452 million in 2021, while commission and fee income rose from nearly HUF 300 million to about HUF 3 billion, the company told MTI on Thursday. According to the statement, in order to ensure […]