NewsLetter

Hungary's top bank OTP beats expectations with HUF 40.9 bln net profit in Q4 '05

OTP Bank, Hungary's largest bank, reported net profit of HUF 40.91 bln for the fourth quarter of 2005, up 52% from Q4 2004 and beating the consensus forecast by 5.7%. Net profit for the full year 2005 showed an increase of 20.4% to HUF 158.3 bln.

Hungarian state budget remains economy's soft spot, research firm Kopint-Datorg says

In spite of some easing in recent months, the state budget remains the Achilles' heel of Hungary's economy, with the general government balance expected to further balloon to 6.7% of GDP in 2006, according to a monthly report by research firm Kopint-Datorg out Wednesday.

GE Money's Budapest Bank to open 2nd operations center in '06, cost seen at HUF 1 bln by '08

In line with its expansion strategy Budapest Bank Rt, the Hungarian unit of the GE Money Bank group, will open its second operations center in Bekescsaba in 2006, with costs seen at HUF 1 bln by 2008, the bank announced in a statement Wednesday.

Hungary's PM announces first confirmed cases of avian flu, initiates precautionary measures

Hungary Wednesday became the sixth EU member state to confirm cases of avian influenza, Prime Minister Ferenc Gyurcsany announced at a press conference.