February 28, 2018 / 8:48 AM / in 3 months

Hungarian banks' after-tax profit jumped 50 pct to HUF 632 bln in 2017 y/y

BUDAPEST, Feb 28 (Reuters) - The Hungarian bank sector’s after-tax profit jumped to 632 billion forints ($2.45 billion) in 2017 based on preliminary data from 423 billion forints in 2016, the National Bank of Hungary said on Wednesday.

While interest income at a total of 775 billion forints was half a percent below the 2016 levels, commissions income rose 0.5 percent. Operating costs declined by 1.3 percent from 2016.

A freeing-up of provisions increased banks’ profits by 188 billion forints last year, the central bank said.

The bank sector’s return on equity ratio rose to 16.1 percent from 12.7 percent in 2016. ($1 = 257.52 forints) (Reporting by Krisztina Than)

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