BUDAPEST: The Hungarian subsidiary of Russiaʼs Sberbank performed better than expected in “several aspects” in the first eight months of the year, according to the results of the first half Sberbank announced on Friday, as reported by Hungarian news agency MTI.
After-tax income of the Hungarian subsidiary came to HUF 3.5 billion during the period. Credit stock exceeded the plan by HUF 3.7 bln, while the stock of deposits came to HUF 9.1 bln over the plan in the January-August period, the bank announced. The capital adequacy ratio reached 25.4% and the loan-deposit ratio was 98%, MTI reported based on the results issued by the bank.
Sberbank Europe Group acknowledged the Hungarian unit’s performance to be in line with the group’s goals, such as focusing on the quality of the lending portfolio while cutting costs and raising client numbers, the news agency reported.
Last year, the bank had consolidated losses of HUF 10.9 bln on total assets of HUF 379.9 bln, MTI reported based on the bankʼs audited annual report. Consolidated loans to clients totaled HUF 196.7 bln and clientsʼ deposits stood at HUF 227.1 bln, MTI added.
