K&H Bank and K&H Insurance report net profits of HUF 59 billion and HUF 4.8 billion in Q3 2021, respectively

Ratio of digitally active K&H clients reaches 85%

K&H Bank reported a net profit of HUF 59 billion, while K&H Insurance posted a net profit of HUF 4.8 billion for the first nine months of 2021. The Bank’s underlying profit grew by 30% driven by increasing loan and deposit volumes. 

  • K&H’s total loan portfolio grew by 11% to HUF 2,071 billion, while new loan production reached HUF 444 billion 
  • Deposits volume grew to HUF 3,254 billion up by 12% and investment funds grew to HUF 744 billion up by 14%
  • K&H further improved its services: green loan was launched and Széchenyi GO card is available 
  • As many as 85% - i.e. 600 thousand clients - of K&H’s customers are digitally active
  • Digital transformation continued: K&H was the first to launch an investment fund whose assets are determined with the help of AI-controlled models, also K&H offers the widest range of smartwatch payment  
  • K&H’s commitment  to sustainability continues: it is to  achieve full carbon neutrality  of its own operation in 2021

As Guy Libot, CEO of K&H Group, highlighted: ‘K&H's good financial results are due to the strong increase in loan volumes and also dynamic business volume growth both in deposits and investment funds.  K&H has introduced market-leading innovations such as an investment fund whose assets are determined with the help of AI-controlled models or the highest number of smartwatch payments options. Besides digital transformation, we continue to focus on personal advice to clients, especially in case of complex customised decisions as well as on educating them in financial awareness and knowledge. I am proud to announce  that this year K&H has won the Figyelő TOP200 Financial Enterprise of the Year award based on our last year’s financial results and commercial activities.“

Financial results in the third quarter of 2021

K&H Bank reported HUF 59 billion in net profit. The Bank’s underlying profit grew by 30% year-on-year. Total loans and deposits grew by 11% and 12% year-on-year, respectively. In the first nine months of 2021, K&H’s new loan production totalled HUF 444 billion. Business volumes also grew dynamically in deposits and investment funds,  deposit volume grew to HUF 3,254 billion by 12% and investment funds grew to HUF 744 billion by14%.

‘K&H Bank continues to play an active role in financing the Hungarian economy, households, small businesses, large corporates and the public sector (the state and municipalities). Short-term and long-term Széchenyi GO! loans were added to K&H’s product range , which offers financing with favourable terms for SMEs. K&H is financing the renewal and modernisation of homes by providing housing loans with energy efficiency. By the end of October, the Bank disbursed more than 800 subsidised home renovation loans in the amount of HUF 4.3 billion. As for cash loans, the ratio of loans with home renovation as their indicated purpose increased from 23 % to 34 % year-on-year. The value of baby boom loans disbursed by K&H grew by 25% compared to the same period of last year, while the market shrank by 10%.  We expect high volumes under the Green Home Loan Scheme to be granted to several thousands of applicants, which should give an extra boost to the already growing market of home loans. We concluded loan agreements worth HUF 224 billion under the “NHP Hajrá!” Scheme and HUF 77 billion under the EXIM Compensation Loan Program.”-  explained Attila Gombás, Chief Financial Officer of K&H Group.

Nik Vincke, CEO of K&H Insurance, notes: “By the end of  Q3 2021, our net profit reached HUF 4.8 billion. In Non-Life, premium income reached HUF 40.3 billion thanks to the dynamically growing Casco, Home and SME business lines. Life Insurance brought strong business performance, with a 24% yoy growth in regular unit-linked business and 10% yoy growth in regular risk life products.”

Digital transformation and innovation

As a combined bank and insurance service provider K&H keeps focusing on developing its mobile banking application and online insurance services.  MTPL insurance is now available in the mobile bank, and more and more people take out payment protection insurance there too.   This year, K&H launched a fully online account opening service which allows clients to access all bank account services with their mobile phones and receive a digitised bank card instantly, in about 10 minutes. Online account opening has increased to 18 000 since the launch in February.

„As many as 85% – i.e. 600 thousand clients – of our clients are digitally active. Smartphone payments are very popular among them, they are used 1. 6 million times a month.   Now 15% of digitised cards are used for payments with smartwatches.  A further step in digitalisation is the introduction of an investment fund whose asset allocation and asset classes are determined with the help of AI-controlled models for some customer segments. The AI algorithm is supervised by portfolio managers. The AI monitors around 1,000 market variables and 250 macroeconomic indicators, dynamically adjusting the content of the fund in line with the investment policy,”- emphasised Balázs Németh, Head of Innovation at K&H Group.

Sustainability at K&H

K&H’s commitment to sustainability is reaching a milestone: as the first financial enterprise in Hungary it is to achieve carbon neutrality of its own operation in 2021. From October 2021, K&H offers home loans under the Green Home Loan Scheme of the National Bank of Hungary (MNB). The program aims to promote energy-efficient housing through subsidised loans. K&H also participates in MNB's green investment program by financing solar panel investments.

“In the first nine months of 2021, K&H sold HUF 36.6 billion of socially responsible investments (SRI) meaning that 1 out of 5 clients invests in SRI  funds. The new teams of Start it @K&H, Hungary's no. 1 large corporate incubator, were selected this year with a special focus on sustainability; their innovative ideas contribute to the preservation of social and environmental values. Our priority is to support innovative ideas and help them turn into such commercially successful businesses, which will allow us to build a more sustainable future, “- explains Guy Libot, CEO of K&H Group.

K&H’s unaudited, consolidated results according to International Financial Reporting Standards (IFRS):

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30 Sept, 2020

30 Sept, 2020


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K&H Communications Directorate

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