MBH Mortgage Bank Co. Plc, formerly known as Bank, Mortgage Bank, MBH Mortgage Bank, Company, or Issuer, has reported record profits and significant growth in its loan portfolio for the first half-year of 2023. The bank’s report, prepared according to the International Financial Reporting Standards (IFRS), is based on data from the stand-alone balance sheet and profit and loss account as of June 30, 2022, and December 31, 2022.
The extraordinary general meeting of the company, held on March 10, 2023, approved a resolution to change the corporate name to MBH Mortgage Bank Co. Plc by May 1, 2023. Subsequently, on June 26, 2023, another extraordinary general meeting decided to amend the company’s articles of association, which also included a change in the address of the company’s website to www.mbhmortgagebank.hu.
In compliance with the license of the Hungarian National Bank (MNB), Takarekbank Ltd. merged into MKB Bank Plc. on May 1, 2023.
MBH Mortgage Bank fully accounted for the special tax on financial institutions for the year 2023, as required by IFRS and the Act LIX of 2006. The bank fulfilled its obligation based on the Government Decree No. 197/2022. (VI.4.) on the extra profit tax in the first half of 2023.
Despite the special tax accounted for, MBH Mortgage Bank achieved impressive results in the first half of 2023. The stand-alone profit before tax reached HUF 2,968 million, nearly three times higher than the previous year’s profit during the same period and 151.5% higher than the pre-tax profit achieved in the second half of 2022.
The bank also experienced growth in its loan activities. The gross value of the refinanced mortgage loan portfolio increased from HUF 348.9 billion in the first half of 2022 to HUF 367.2 billion by the end of the first half of 2023. Additionally, the bank had 41,607 refinanced mortgage loans at the end of June 2023. It is worth mentioning that the total refinanced loan portfolio is distributed among eight banks in 2023.
Overall, MBH Mortgage Bank Co. Plc has showcased remarkable financial performance and substantial growth in its loan portfolio. The bank’s adaptability, as demonstrated by its corporate name change and compliance with regulations, further solidifies its position in the industry. As the bank continues to thrive, it will undoubtedly play a crucial role in the financial sector while providing valuable services to its customers.
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