September 19, 2014 12:31 PM ET

Thrifts and Mortgage Finance

Company Overview of FHB Jelzálogbank Nyrt.

Company Overview

FHB Jelzálogbank Nyrt provides mortgage banking services in Hungary. It offers general purpose mortgage loans, housing loans, land development loans, reverse mortgage loans, and housing project loans. The company also refinances mortgage loans provided by commercial banks to their customers. In addition, it offers netbank services, as well as services related to the bank accounts and bankcards; annuity products for senior citizens; and real estate sales, leasing, management, and valuation services. The company was founded in 1997 and is based in Budapest, Hungary.

Üllői út 48

Budapest,  1082

Hungary

Founded in 1997

815.6 Employees

Phone:

36 1 334 4344

Fax:

36 1 329 1004

Key Executives for FHB Jelzálogbank Nyrt.

FHB Jelzálogbank Nyrt. does not have any Key Executives recorded.

FHB Jelzálogbank Nyrt. Key Developments

FHB Mortgage Bank Plc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

FHB Mortgage Bank Plc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the six months, the company reported operating income of HUF 8,055 million against HUF 7,520 million for the same period a year ago. Loss before tax was HUF 2,775 million against HUF 5,444 million for the same period a year ago. Loss was HUF 2,409 million against HUF 4,594 million for the same period a year ago. Diluted loss per share was 73.9 Ft against 140.5 Ft for the same period a year ago. Net interest income was HUF 10,288 million against HUF 8,671 million for the same period a year ago. For the quarter, the company reported operating income of HUF 1,158 million against HUF 2,692 million for the same period a year ago. Loss before tax was HUF 4,357 million against HUF 3,262 million for the same period a year ago. Loss was HUF 3,554 million against HUF 3,004 million for the same period a year ago. Diluted loss per share was 213.9 Ft against 82.7 Ft for the same period a year ago. Net interest income was HUF 5,062 million against HUF 4,399 million for the same period a year ago. Net cash flow used in operating activities was HUF 48 million. Purchase of tangible and intangible assets was HUF 1,894 million.

FHB Bank Announces Non-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

FHB Bank announced non-audited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, after-tax losses of HUF 3.6 billion, up from losses of HUF 3 billion in second quarter of 2013, with losses stemming from provisioning for future losses related a recently approved law on debtors relief. Net interest income was HUF 5.1 billion, up 15.1% year-on-year. Net interest income decreased by HUF 164 million compared to the previous quarter, due to declining interest rates and to the fall in total assets. Net fees and commissions rose 3.8% in one year to HUF 1.0 billion. The company reported operating income of HUF 1.2 million, loss before tax of HUF 4.4 million and 213.9 ft diluted per share against operating income of HUF 2.7 million, loss before tax of HUF 3.3 million and 182.7 ft diluted per share for the same period a year ago. The company also reported return on assets of 0.61% and return on equity of 6.1%. Negative result was due to the provisions of HUF 4.7 billion generated for the expected impact of the act on the Resolution of certain issues related to the Supreme Court's (Curia) uniformity decision on consumer loan agreements concluded by financial institutions declaring the use of foreign-exchange-rate margins is void. For the first half, net interest income rose 18.6% to HUF 10.3 billion. Net commissions from fees rose 21.7% to HUF 8.1 billion. The company reported operating income of HUF 6.6 million, loss before tax of HUF 4.2 million, loss of HUF 3.6 million or 109.0 ft diluted per share against operating income of HUF 5.8 million, loss before tax of HUF 7.2 million, loss of HUF 5.9 million or 182.7 ft diluted per share for the same period a year ago. The company reported net cash flow used in operating activities of HUF 48.0 million and purchase of tangible and intangible assets of HUF 1,894 million. The company also reported return on assets of 0.69% and return on equity of 6.5%.

FHB Jelzalogbank Nyilvanosan Mukodo Részvenytarsasag Reports Unaudited Consolidated Interim Management Statement for the First Quarter Ended March 31, 2014

FHB Jelzalogbank Nyilvanosan Mukodo Részvenytarsasag reported unaudited consolidated interim management statement for the first quarter ended March 31, 2014. For the quarter, the company reported net interest income of HUF 5,226 million compared to HUF 4,273 million reported a year ago. Total income (with net fees) was HUF 6,897 million compared to HUF 4,472 million reported a year ago. Profit before tax was HUF 1,581 million compared to a loss of HUF 2,182 million reported a year ago. Profit after tax was HUF 1,145 million or 68.12 forints per basic and diluted share compared to a loss of HUF 1,589 million or 97.75 forints per basic and diluted share reported a year ago. Profit after tax with out special banking tax was HUF 1,852 million compared to a loss of HUF 883 million reported a year ago. Return on assets was 0.61% compared to negative return on assets of 0.88% reported a year ago. Return on equity was 6.1% compared to negative return on equity of 8.4% reported a year ago. ROAA with out special banking tax was 0.98% compared to negative ROAA of 0.49% reported a year ago. ROAE with out special banking tax was 9.8% compared to negative ROAE of 4.7% reported a year ago. Like in previous quarters, the improving net profit is the result of increasing net interest income and net fees and commissions, next to still low-keyed cost level. Interest income was HUF 14,840 million compared to HUF 17,383 million reported a year ago. Net operating income was HUF 6,897 million compared to HUF 4,472 million reported a year ago. Reduction of interest income was generated by fall in interest rates realised on FX and HUF loans (related to sloping yield curve) and lower interest incomes from securities compared to previous quarter. Fall of interest expenses was due to lower interest expenses from issued securities and deposits and changes of funding structure. Net cash flow from operating activities was HUF 22,065 million compared to HUF 102,071 million for the fourth quarter of 2013. Purchase of tangible and intangible assets was HUF 1,596 million compared to HUF 696 million for the fourth quarter of 2013.

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