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| Financial profits lift FHB Q4 earnings |
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Budapest, February 13, 2009 (MTI-ECONEWS) –FHB Mortgage Bank’s fourth-quarter after-tax profit profit rose 38pc to HUF 1.6bn from the same period a year earlier, boosted by financial income, the bank’s consolidated IFRS report published on Friday shows.
FHB’s net profit from financial transactions jumped 144pc to HUF 1.9bn. Net interest income increased 4pc to HUF 4.2bn. Net income from fees and commissions dropped 18pc to HUF 721m.
Operating costs climbed 25pc to HUF 4.4bn. Lending losses were up 14pc at HUF 324m. FHB had total assets of HUF 689.6bn on December 31, 2008, 12pc more than twelve months earlier. Stock of FHB’s own loans rose 23pc to HUF 326.5bn. Stock of loans the bank refinances for other banks fell 3pc to HUF 286.6bn. The proportion of non-performing loans in the portfolio rose to 1.46pc from 1.03pc.
General-purpose mortgage loans accounted for about 54pc of disbursements in Q4. Stock of client deposits jumped to HUF 33.7bn from HUF 3.6bn. Net assets rose 26pc to HUF 40.3bn.
The book value of outstanding mortgage bonds FHB issues to finance its lending activities rose 2.5pc to HUF 506.3bn.
Full-year earnings boosted by FX profit FHB’s full-year net profit rose 27pc to HUF 6.7bn, helped largely by a HUF 3.4bn profit from forex transactions. Earnings per share rose to HUF 101 from HUF 80. Net interest income rose less than 1pc to HUF 16.7bn. Net interest margin narrowed 31bp to 2.53pc Net income from fees and commission dropped 25pc to HUF 2.0bn, Econews calculated.
Lending losses and risk provisions jumped 130pc to HUF 805m. ROE rose to 17.8pc from 16.2pc. ROA inched up one-tenth of a percentage point to 1.0pc.
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Source: MTI-EcoNews; 20090213 |
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