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Banking sector profitability slightly up in H1

Banking sector profitability slightly up in H1

 

BUDAPEST: Hungarian banksʼ combined after-tax profits at the end of the first half of 2017 came to HUF 362.9 billion, compared to a HUF 343.5 bln gain in the first half of 2016, according to data released by the National Bank of Hungary (MNB) on Friday.

Net interest income fell 5.7% to HUF 391.4 bln by the end of June as interest revenue fell 13% from the corresponding period a year earlier, but interest expenditures dropped at an even faster rate, declining by 27%.

Non-interest income was up 50.5% at HUF 331.8 bln as commission revenue rose 11.6%. Dividend revenue was down 4.3%, while income from financial and investment services dropped 25.7%.

The line “other non-interest income,” which includes the bank levy, showed a negative HUF 83.6 bln, an improvement over the negative HUF 193.8 bln in the base period.