November 30, 2018 / 2:24 PM / 11 days ago

Hungary banking group Takarek aims to boost profit by 2023

BUDAPEST, Nov 30 (Reuters) - Hungarian savings and loans group Takarek plans to boost its annual net profit to about 30 billion forints ($105.4 million) by 2023 by merging some businesses in the group and cutting spending under a new strategy approved on Friday, it said.

The lender said in a statement it planned to cut costs by 25 billion to 30 billion forints in the next five years and aimed to create a universal bank with a market share of about 10 percent by streamlining operations and shutting down loss-making branches. ($1 = 284.71 forints) (Reporting by Gergely Szakacs; Editing by Adrian Croft)

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