The most important business and finance news from Hungary – 9th week, 2018
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See below main business and financial news from the previous week:
NEW HUF 1,000 BILL ENTERS CIRCULATION TODAY
Hungary’s new HUF 1,000 banknote enters circulation on March 1, the National Bank of Hungary said on Wednesday. Read more HERE.
BEYOND TOURISM – A HUNGARIAN HOUSE WAS OPENED IN BANGKOK
For decades, we mainly knew Thailand for its pleasant, sandy beaches. In the imagination of the world – and Hungarians – it was kept count of as the destination of dream holidays. But today, Thailand is something much more: it is a dynamically developing economic middle power driven by a quickly developing industry and world-class agriculture. So Hungarians don’t only go there on holidays anymore – they also go with the aim of doing successful business. Read more HERE.
EXPANDING BALANCE SHEET LIFTS OTP PROFITS
Fourth-quarter after-tax profit of OTP Bank, Hungary’s biggest commercial lender, jumped by 159 percent year-on-year to 68.5 billion forints (EUR 218m), lifted by an increase in lending activity and a strong performance by the bank’s foreign units, an earnings report showed. Net interest income rose by 6 percent to 140.5 billion forints and net revenue from commissions and fees increased by 20 percent to 58.1 billion forints.
RICHTER ISSUES PROFIT WARNING OVER ESMYA
Hungarian drugmaker Gedeon Richter said it would book a 42 billion forint (EUR 134m) impairment loss related to its uterine fibroid drug Esmya which has come under scrutiny by the European Medicines Agency (EMA). Richter said its 2017 consolidated financial statements would be prepared taking into account the expected negative impact on business caused by temporary measures imposed on Esmya.
HUNGARY BANKING SECTOR PROFIT JUMPS 50 PC IN 2017
After-tax profit of Hungary’s banking sector climbed 50 percent to 632.4 billion forints last year, lifted by higher revenue from commissions and fees, freed up risk provisions and the lower corporate tax rate, data released by the National Bank of Hungary showed. The sector’s net interest revenue edged down by 1 percent to 775.2 billion forints. But net revenue from commissions and fees rose by 5 percent to 512.4 billion forints.
K+H BANK AFTER-TAX PROFIT APPROACHES HUF 42 BN IN 2017
K+H Bank, the Hungarian unit of Belgium’s KBC, had after-tax profit of 41.8 billion forints (EUR 133m) last year, CEO David Moucheron said at a press conference. K+H Bank had total assets of 3,015 billion forints at the end of 2017, up 7 percent from twelve months earlier.