press releases

K&H Bank had resilient financial results  in the first 9 months of 2020, recording HUF 31.7 billion net profit, a 11% increase yoy on underlying basis excluding the HUF 11.2 billion negative pre-tax impact of exceptional  items.

In the first 9 months of  2020, K&H Insurance reached a profit after tax of HUF 7  billion.

• In the first nine  months of the year, K&H provided a total of HUF 457 billion new loans and its total loan volume  increased by 16% yoy reaching HUF 1,863 billion driven by strong Q3.  
• Transactional turnover in Q3  recovered from its bottom in Q2.  Strong business volumes have been driven  by the economic rebound of Q3, while a new slowdown is expected in Q4 due to the 2nd wave of the pandemic. 
• Retail loans new production market share increased to 13.6% in Q3 (vs. 10.0% in Q32019).  
• K&H has so far contracted Funding For Growth Hajrá loans in the value of HUF 130 billion. 
• K&H is continuing its digital innovations by launching K&H+, offering a mobility solution in its mobile bank app, automatically available to more than 460 000 mobile bank users.

K&H Bank closed H1 2020 with net profits of HUF 7.1 billion including HUF 22.6 billion Covid-19 related exceptional negative items. Despite high credit costs, positive net result was reported in both quarters (Q1 2020: HUF 6.5 billion, Q2: HUF 0.6 billion). K&H Bank’s underlying profit increased by 12% yoy. In H1 2020, K&H Insurance reached a profit after tax of HUF 5.5 billion. In the first six months of the year, K&H provided a total of HUF 293 billion in new loans.  K&H continues its digital transformation and investments during Covid-19 pandemic. K&H is the first on the Hungarian market to offer fully digital, automated Home, Travel and MTPL insurance in a bank mobile application.

• K&H Bank’s net result including one-off impact (HUF 8.4 billion) of COVID-19 pandemic decreased by 47% yoy,  recording a  HUF 6.5 billion after-tax-profit in 2020Q1. Excluding the one-off impact income grew by 7.7%, and net result by 17.4%.
• K&H Insurance reached HUF 2.5 billion net profit in 2020Q1
• K&H Bank remains a stable financial institution with  a strong capital and liquidity position with  HUF 1000 billion liquidity surplus, by April 30  LCR:  187%,  almost double the regulatory minimum and a capital ratio of 16.5% (31 March, 2020)
• K&H successfully ensured full digital and physical service provision for clients during the restrictions. Use of digital channels accelerated. K&H now has 477 000 digitally active clients (+13% yoy). 
• Despite a significant slowdown in March as a result of the COVID-19 pandemic, underlying business activity also remained solid in 2020Q1 where lending grew by 16% yoy, and assets under management by 5%

K&H Bank had a strong financial performance, recording HUF 59.7 billion pre-tax profit in 2019. Net profit was HUF 50.9 billion, a 7% increase yoy in underlying profit. K&H Insurance reached HUF 5.8 billion net profit in 2019, an increase of 28% yoy. K&H continues to focus on investing in its digital transformation and efficiency. K&H has 450 000 digitally active clients. 600 000 K&H clients have a biometric profile.  More than 10 million tasks were performed by robots on 25 processes at K&H Bank and Insurance in 2019.

K&H has received the “Bank of the Year in Hungary” award at the trade contest of international finance magazine The Banker, a Financial Times publication. Earlier this year K&H has also won the Euromoney “Best Bank in Hungary” Award for Excellence 2019 This is the fourth time that K&H has won both awards in the same year.  Bank of the Year accolade was handed out in London last night.