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1st October, 2018

MKB to close 15 branches

MKB bank plans to close 15 branches to cut costs, Index reports. The bank did not disclose which units would be shut down nor how many jobs would be lost. MKB promised to provide more information next week.

MKB reported an 8% drop in after-tax profit to Ft 18 billion for the first half. Net interest revenue climbed 5% to Ft 21 billion but net revenue from commissions was down 4% to Ft 14 billion.

Operating costs jumped by 62% to Ft 33.7 billion, while other operating revenue increased 145% to Ft 15.5 billion.

MKB had total assets of Ft 2 trillion at the end of June, down 1% from the end of 2017. Shareholders equity was 4% higher at Ft 140.7 billion.

The stock of client loans went up 11% to Ft 926 billion, while deposits shrank by 10% to Ft 1.4 trillion in the first six months.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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