Combined after-tax profits of Hungaryʼs banking sector fell 12 percent y-o-y

Hungaryʼs banking sector saw a 12-percent fall in combined after-tax profits between January and September, according to the National Bank with the volume totaling HUF 425bn. The y-o-y decrease was attributed to higher costs and a decline in released provisions. The sectorʼs net interest revenue also dropped 2 percent to HUF 574bn, while net revenue from commissions and fees rose 5 percent to HUF 406bn. Operating costs increased 17 percent to HUF 763bn, according to the National Bank.