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not much time left to reach 55 percent reduction

Hungary’s economy has six years left to reach the EU target of reducing greenhouse gas emissions by 55%. This requires a joint effort from all economic players, and financial institutions play a major role in helping households and businesses to make the sustainability transition. The 2023 Sustainability Report of K&H shows that the financial institution is helping to create a more sustainable economy through a lending policy focused on renewable energy production, via green investment and retail products, and with unique calculators. Moreover, thanks to the innovative services of K&H, almost everything can be arranged by pressing only a few buttons. 

K&H Bank reports HUF 108 billion net profit, while the net profit of K&H Insurance reaches HUF 1 billion in FY 2023

Growing client base, steady growth in corporate financing and dynamic re-start of retail lending in the second half of the year

  • K&H Bank’s profit after tax reached HUF 108 billion in 2023
  • K&H Insurance posted only a HUF 1.1 billion result due to the windfall tax
  • K&H result was influenced by HUF 56 billion negative impact of various government measures (windfall tax, interest rate cap, other bank taxes)
  • Bank’s costs rose more than the income, by 14.5 percent and 13 percent respectively, due to increased bank taxes, inflationary costs and growing business
  • The Bank’s loan portfolio grew by 10 percent in 2023, reaching HUF 2,829 billion. The volume of new loans granted in 2023 totalled HUF 630 billion. The corporate loan portfolio increased by 13 percent over just one year.
  • All K&H clients are enjoying now a new enhanced mobile bank application and voice-command HUF transfer in its digital financial assistant, Kate
  • K&H remains committed to sustainability, having been named best ESG bank in Hungary in 2023 by Euromoney Award for Excellence whilst it continues its digital transformation as award winner of Best Digital Bank in 2023 in Hungary as well. Also ranked as market leader in Corporate and Social Responsibility (CSR) and in digital solutions by Euromoney.

New Chairman appointed to K&H Bank’s Supervisory Board

Krisztina Horváth succeeds Elemér Terták

The mandate of K&H Bank’s Supervisory Board Chairman, Nomination Committee Chairman and Audit Board Committee member Elemér Terták ends on 30th of April 2023.  KBC Bank appointed Krisztina Horváth as the new Chairman of the Bank’s Supervisory Board, Chairman of the Nomination Committee and member of Audit Committee. The appointment has been approved by the National Bank of Hungary. Krisztina Horváth assumes her position as from 1 May 2023.

Another step towards a low-carbon economy

Financial institutions have an important role to play in the transition to sustainability, not only through their own operations but also through the loans and investment opportunities they provide to households and businesses to drive the low-carbon economy. K&H's Sustainability Month has also raised awareness of the importance of protecting the environment and is contributing to an innovative future with digital financial solutions, according to the K&H Group Sustainability Report 2022.

As a consequence of the government measures to mitigate the effects of the crisis for the households and businesses K&H Bank and Insurance recorded HUF 55 billion extra cost

K&H Bank’s profit is down by 48% to HUF 31 billion in the first 9 months of the year yoy

The bank's profit after tax is down by 48% to HUF 31 billion in the first three quarters of 2022 from HUF 59 billion in the corresponding period of 2021 after recording HUF 55 billion extra cost to mitigate the effects of the crisis for the households and businesses.  Similarly, the net profit of K&H Insurance dropped to HUF 1.8 billion in the first three quarters of the year. The bank's total loans increased by 24% year-on-year; deposits grew by 14% yoy.  

  • the Bank's profit after tax decreased to HUF 31 billion in the first three quarters of 2022 from HUF 59 billion in the corresponding period of 2021, down by 48%, due to the extra bank tax and other crisis related measures and impacts
  • similarly, the net profit of K&H Insurance dropped to HUF 1.8 billion in Q1-Q3 2022 from HUF 4.8 billion in the corresponding period of 2021 windfall tax
  • K&H's total loan portfolio increased by 24% to HUF 2562 billion, with new loan production (Retail and Corporate) reaching HUF 517 billion in (in the first three quarters of 2022)
  • K&H managed to improve its market position in both retail and corporate lending in Q3
  • deposits increased by 14 yoy % to HUF 3710 billion
  • K&H's commitment to sustainability continues with the introduction of measurable targets for reducing future CO2 emissions
  • K&H continues its digital transformation by introducing Kate, its digital personal assistant
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