November 28, 2017 / 8:45 AM / a year ago

Hungary's banks earned $1.9 bln net profit in Jan-Sept -cbank

BUDAPEST, Nov 28 (Reuters) - Hungary’s banks reported a net profit of 495.8 billion forints ($1.9 billion) in the January-September period, the highest since the 2009 financial crisis and exceeding 2016’s level, the National Bank of Hungary said on Tuesday.

Strong economic growth, higher lending volumes and the reversal of loan-loss provisions have bolstered bank earnings, helping lenders mitigate the impact of record-low interest rates.

Mihaly Patai, the Chairman of the Hungarian Banking Association, told Reuters last week that retail lending could expand in double digits for at least two to three years, helping banks achieve a 7-8 percent return on equity from normal banking operations. ($1 = 261.12 forints) (Reporting by Gergely Szakacs, editing by Louise Heavens)

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