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Raiffeisen Bank Zrt. has reported an increase in earnings, driven by a rise in both client loans and deposits. This growth reflects the bank's strong performance in the current financial landscape, highlighting its ability to attract and retain customers effectively.
CIB Bank, a subsidiary of Intesa Sanpaolo, reported a record net profit of HUF72bn (€185mn) for 2024, a 14% increase year-on-year, and plans further growth in 2025. The bank's balance sheet grew 4% to HUF3.46 trillion, with significant increases in retail mortgage lending and personal loans, while maintaining a low non-performing loan rate of 0.5%. Looking ahead, CIB targets an 8% rise in lending and a 6% increase in savings deposits, anticipating Hungary's economy to grow over 2% in 2025.
BYD is considering establishing its third European car assembly plant in Germany to enhance brand awareness, despite concerns over high labor and energy costs. Currently, the company is building two NEV plants in Hungary and Turkey, with production set to start in October 2024 and March 2026, respectively. The final decision on the new plant will depend on sales performance in Europe and the capacity utilization of existing facilities.
The Hungarian labour market shows a mixed but generally positive outlook, with an unemployment rate of 4.3% for November-January, slightly lower than expected. However, average wage growth is slowing, projected at 9-10% for the year, with real wage growth around 4%, as inflation rises and consumer confidence remains low, impacting economic recovery.
The banking markets in Central and South Eastern Europe (CE/SEE) are thriving, with a return on equity averaging 15-20% in 2024, significantly outperforming the eurozone. The region's economic resilience, low unemployment, and higher interest rates contribute to strong profitability, attracting interest from major banks and potential consolidation opportunities. Despite challenges, the CE/SEE banking sector is positioned as a lucrative market, particularly in Poland and Romania.
Inflation in Hungary accelerated for the second consecutive month, driven by rising food and service costs alongside a significant decline in the forint, which has reached a two-year low. Consumer prices increased by 3.7% in November, up from 3.2% in October, aligning with economists' forecasts. Month-on-month, prices rose by 0.5%.
Hungarian Prime Minister Viktor Orban has nominated his finance minister, Mihaly Varga, to lead the National Bank of Hungary starting in March, following the end of Governor Gyorgy Matolcsy’s term. Orban is also expected to consolidate economic policy under a "superministry" by appointing Marton Nagy as finance minister, although this has not been officially confirmed.
The Hungarian forint fell to a two-year low, trading 0.7% lower at around 413.2 per euro, as uncertainty looms over Prime Minister Viktor Orban's upcoming decision on the next central bank governor. In contrast, the Polish zloty and Czech koruna remained stable.
Hungarian Prime Minister Viktor Orban is expected to announce his selections for the central bank governor and a key economic position within days. Finance chief Mihaly Varga is the leading candidate to oversee monetary policy, as indicated by Economy Minister Marton Nagy in a recent interview.
Hungary plans to increase the minimum wage by 40% over the next three years, a move aimed at revitalizing the economy ahead of the 2026 general elections. Prime Minister Viktor Orban's initiative comes as his party lags in polls against opposition leader Peter Magyar, who also advocates for significant wage hikes. Currently, Hungary's minimum wage stands at 266,800 forint ($677), the second-lowest in the EU after Bulgaria.
Hungarian Forint
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Raiffeisen Bank reports growth in earnings driven by loans and deposits
16:09 31.03.2025
CIB Bank plans growth after record profits and strong market performance
08:00 27.03.2025
byd considers third european plant in germany amid tariff challenges
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