In the first five months of the year the credit institution sector reported an after-tax profit of HUF 485 billion, down by 19% compared to the same period a year earlier, preliminary data released by the National Bank of Hungary (NBH) on Wednesday shows.
Interest revenue was up 11% at HUF 2,733 billion while interest expenditures rose 14% to HUF 1,779 billion.
According to the analysis, the return on equity for the first five months was 13.4%, which represents a 4.1 percentage point decrease compared to the figure for the first five months of last year. For certain items, such as the payment of special taxes, the entire annual “turnover” is realized in the first months of the year, so the bank expects a rise in return on equity by the end of the year. Special taxes and other charges increased by HUF 210 billion, totaling HUF 601 billion in the first five months.
Cumulative net interest income for the year rose by HUF 54 billion to HUF 954 billion compared to the previous year’s figure, although the rate of growth in interest expenses (13.8% ) exceeded the rate of growth in interest income (11.0% ). Among interest-related revenues, the rate of increase was highest for interest earned on loans and other assets, while among expenses, the largest increase was in interest paid on loans and other assets.
Revenue from dividends edged down less than 2% to HUF 360 billion. Revenues from fees and commissions were up 3% at HUF 643 billion.
General administrative costs rose 7% to HUF 544 billion.
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