K&H Bank Earnings Reach HUF 108 bln in 2023
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The after-tax profit of K&H Bank, the local unit of Belgium's KBC, rose 60% to HUF 108 billion in 2023, CEO Guy Libot said on Monday, according to a report by state news wire MTI.
Lending stock rose 10% to HUF 2.829 trillion as the corporate loan book expanded by 13% and retail loans edged up 4%, Libot said.
Outlays of new credit reached HUF 630 bln, he added.
The impact of government measures, such as the windfall profit tax and an interest rate freeze, added up to HUF 56 bln, he said.
Net interest revenue rose 21% to HUF 196.6 bln and net revenue from commissions and fees increased 11% to HUF 103.8 bln.
Total assets reached HUF 5.603 tln.
Client numbers rose 5% to 962,000 last year, while the number of those whose salaries are transferred to their accounts at the bank climbed 7% to 589,000, Libot said.
Nik Vincke, who heads the bank's insurance unit, said the business's net profit came to HUF 1.1 bln, down from HUF 3.1 bln in 2022 because of higher costs and the windfall profit tax.
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