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.
