Langdslide – the largest bank in Hungary in the rank based on central bank’s data

Hungarian central bank MNB

Poland lack of engineers

Croatia: the old unemployment and the new nationalism

Electricity market in Lithuana up

Hungary

Portfolio.hu presents the ranks of the biggest, most effective but also most troubled banks in Hungary in 2015. The rank is based on Hungarian central bank’s (MNB) „Golden Book for 2015”.

According to the „Golden Book” the biggest profit in 2015 was posted by OTP Mortgage Bank. Also UniCredit and K&H „did nicely”. When it comes to return on equity, the top three were: OTP JZB, Merkantil and Cetelem. In the area of lending, the sharpest growth were noted in UniCredit, Budapest Bank and K&H. The largest loss, compared to its size (to total equity) had OTP Bank, MKB and CIB.

The portal informs credit institutions operating as joint stock companies posted almost HUF14.3bn (EUR46m) after-tax profit in 2015. There were 40 credit institutions operating as joint stock companies (in 2014 there were 45 of them).

Altogether credit institutions in Hungary posted HUF343bn (EUR1,1bn) combined after-tax profit. „The improvement stemmed mainly from the reversal of previously generated provisions. (…) As a result of the reduction of the bank tax and recovery in lending the banking sector is now in the stage of building itself up slowly” – Portfolio.hu informs.

Top 10 Hungarian banks with biggest ROE (returns on equity) in 2015 / at credit institutions operating as joint stock companies:

OTP JZB: 177 per cent

Merkantil: 81 per cent

Cetelem: 63 per cent

UniCredit: 25 per cent

Fundamenta: 24 per cent

UniCredit JZB: 22 per cent

Takarékbank: 18 per cent

K&H: 16 per cent

OTP LTP: 15 per cent

Budapest Bank: 14 per cent

>>More

 

Poland

The Polish Press Agency reports after Gazeta Wyborcza that Polish industry „is suffering under shortages of engineers and other qualified staff, who prefer employment in western countries like Germany”.

It is said Poland’s auto industry lacks 3,000 to 5,000 engineering staff. The forecast show that the problem will even deepen – especially after Daimler plant will start operating in Poland.

The next sector with personnel shortages is aviation.

„According to Gazeta Wyborcza, patching staff shortages with foreign recruitments from Hungary and Ukraine was not enough to improve the situation” – PAP informs.

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Croatia

Will the new Croatian government manage to get rid of the country’s „old problems”? Paul Mason, the publicist of The Guardian claims it won’t. According to the Guardian „on Sunday  Croats went to the polls in a snap election, returning the ruling nationalist party HDZ as the biggest party, but changing nothing. Just 53 per cent of all Croats voted: the likely outcome is a coalition of the same old centrist parties”. Mr. Mason, referring to the activity of the previous government (headed by Tiohomir Oreskovis and fueled by HDZ-Most coalition), says the unemployment will still be high (at current it’s 16 per cent – rising to 40 per cent among the young), the debt will still grow (at currents it’s 90 per cent of GDP) and the coast will remain dependent on tourism.

What’s new after the election is – according to Mr. Mason - the return of nationalism.

„By 2013, Croatia’s conservative nationalist politicians had made enough liberal noises to convince Brussels they could meet the basic criteria for EU membership. Since then, they’ve been sucked into the surge of nationalist rivalry that’s gripped the Balkans. Just across the mountains lies Republika Srpska – the Serb enclave created in the country of Bosnia and Herzegovina by the Dayton Agreement in 1995, after a bitter civil war.

Republika Srpska’s leaders are threatening to hold a referendum on independence, which would blow up the deal that has brought peace to the region for 20 years. In response, Croatia’s politicians have upped the rhetoric, with the leader of its centre-left party secretly recorded threatening to act to protect Croats if the referendum goes ahead, labelling Bosnia a failed state and calling the government of Serbia miserable people.

If this were just a recrudescence of the Balkan ethnic conflict of the 1990s, it would be bad enough. But it comes on top of years of economic failure, amid growing geopolitical tension, and rising xenophobia in the face of the refugee crisis” – he writes.

And what is Europe supposed to do?

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Lithuania

According to the Litgrid the price of electricity in Nord Pool Spot's Lithuanian bidding area averaged EUR35.5 per megawatt-hours in the period Setp. 5 to Sept. 9 2016. It was up 7 per cent from w/w, but down 15 per cent y/y.

„This week, a higher supply in the Baltic Sea region will be ensured by the Forsmark (Sweden) and Loviisa(Finland) nuclear power plants' units, which are resuming operations after scheduled maintenance (…)Planned maintenance on the Lithuania-Poland power interconnection LitPol Link, the first since its launch, will be carried out on Sept. 12 through 18. Also, the capacity of Estonia-Finland power interconnections will be limited until Thursday due to maintenance on Estonia's 330-kV line” – Baltic Course quotes the press release of the power transmission system operator.

The portal reports Lithuania last week imported 72 per cent of its electricity – mostly from Latvia, Estonia and Finland (40 per cent) and Sweden (27 per cent).

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What’s up in indexes

BUX (of Budapest) dropped by 0.98 per cent – falling from 28445.83 index points Friday, September 9th to 28167.57 index points Monday, September 12th. From year-end it’s up 17.75 per cent.

BET (of Bucharest Stock Exchange) dropped by 1.65 per cent – falling from 7027.24 index points Friday, September 9th to 6911.19 index points Monday, September 12th. From year-end it dropped by 1.30 per cent.

PX (of Prague Stock Exchange) dropped by 1.11 per cent d/d and by 9.02 per cent from year-end. It decreased from 879.83 index points Friday, September 9th to 870.08 index points Monday, September 12th.

WIG20 (of Warsaw) dropped by 1.30 per cent d/d and by 6.87 per cent from year-end. It decreased from 1754.12 index points Friday, September 9th to 1731.37 index points Monday, September 12th.

OMXT (of Tallinn) decreased from 998.82 index points Friday, September 9th to 995.10 index points Monday, September 12th. So it dropped by 0.37 per cent d/d. From year-end it’s up 10.69 per cent.

OMXR (of Riga) closed at 685.95 index points Monday, September 12th. It’s the same result as Friday’s. From year-end it’s up 15.41 per cent.

OMXV (of Vilnius) was up 0.41 per cent and up 11.13 per cent from year-end. It increased from 537.87 index points Friday, September 9th to 540.10 index points Monday, September 12th.

SAX (of Bratislava) dropped by 1.81 per cent d/d, falling from 326.00 index points Friday, September 9th to 320.11 index points Monday, September 12th. From year-end it’s up 9.50 per cent.

SOFIX (of Sofia) dropped by 0.20 per cent – falling from 471.91 index points Friday, September 9th to 470.95 index points Monday, September 12th. From year-end it’s up 2.18 per cent.

UX (of Kyiv) was up 0.04 per cent d/d and up 7.67 per cent from year-end. It increased from 738.21 index points Friday, September 9th to 738.49 index points Monday, September 12th.

CROBEX (of Zagreb) was up 0.08 per cent d/d – increasing from 1851.17 index points Friday, September 9th to 1852.59 index points Monday, September 12th. From year-end it’s up 9.64 per cent.

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