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Home / Hungry / KBC books Q4 net income of EUR 23m in Hungary
KBC books Q4 net income of EUR 23m in Hungary

KBC books Q4 net income of EUR 23m in Hungary

BUDAPEST: Belgium’s KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.

The business’ pre-tax profit edged down 2% to EUR 45 mln, but income tax expenses climbed to EUR 21 mln from EUR 4 mln, biting into the bottom line. Net interest income dropped 3% to EUR 59 mln and net revenue from commissions and fees was down 5% at EUR 40 mln.

The business released EUR 1 mln of loan loss provisions in Q4. Impaired loans accounted for about 9% of the lending portfolio at the end of the period, KBC said.

Its revenue from premiums on general insurance policies increased 29% to EUR 9 mln. Premiums revenue from life policies rose to EUR 3 mln from EUR 1 mln.