Published: March 07 2023
Summary: Hungarian banks had a net profit of 832.9 billion forints in 2022, representing 3.5% more than the 804.4 billion earnings in 2021. The operating income of this sector rose significantly by 35% to over 3,816 billion forints. This increase was significantly driven by the rise in interest rates, which reached the 2,500 billion forint mark, nearly one and a half times more than a year ago. There was also a good performance concerning fee and commission income, which showed an increase of 23.9% compared to 2021, reaching nearly 1,156 billion forints. Nevertheless, operating costs rose quickly, by 28.3%, reaching more than 2,172 billion forints. Risk costs, such as impairment and target reserves, also reached nearly 540 billion forints write-down.
Key points:
- Hungarian banks earned a net profit of 832.9 billion forints in 2022
- The operating income of the sector rose significantly by 35%, reaching over 3,816 billion forints
- The rise in interest rates contributed to nearly a one and a half times increase of interest earnings compared to last year
- Fee and commission income increased by 23.9%, reaching nearly 1,156 billion forints
- Operating costs rose by 28.3%, reaching over 2,172 billion forints
- The risk costs included nearly 540 billion forints write-down
Source article:
This summary was created using AI, so there may be some inaccuracies. Always check the original linked article to be sure.
