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IC BANK (HUNGARY) Ltd.
IC BANK RT
Address: 1088 Budapest, Rákóczi út 1-3. East-West Business Center
Phone: + 06-40-200-515
Fax: + 06 (1) 266-6815
E-mail: level@icbank.hu
Internet: http://www.icbank.hu
Account Number: MNB 19017004-00201476
Giro Account Number: 14700002-00201476
Official Company number: 01-10042260
Swift code: INCNHUHB
Homepage: www.icbank.hu
E-mail: level@icbank.hu
About:
As part of a Malaysian owned international banking network, the mission of IC Bank Ltd. is to stimulate Asian - Hungarian trading contacts, to help implement investments stemming from the Asian region and to support the successful operation of Hungarian small and medium sized businesses by joining in such deals as a financing partner. It is the Bank's intention to work as a customer oriented commercial bank the key target groups of which include small and medium sized companies, customers interested in Asian businesses and the consumer sector. Besides the extension of basic overdraft credit, one-off and revolving short term operating loans and medium term investment credits the Bank offers special products, services and financial consultancy services for its customers.
The services offered by the Bank are currently available at its headquarters and four branch offices in Budapest, with two more branch offices, one in the town of Solymár, one operating in Dunakeszi. The services of the Bank are also available through electronic sales channels (Internet banking, home banking).
Achievements of the past two and a half years
Although IC Bank Rt. has been present in the Hungarian market since 1992, its operations were stagnating until the second half of 2002. In the summer of 2002 the shareholders of the Bank decided on commissioning a new team of experts to run the Bank. The new management team took over the bank in the autumn of 2002.
Year 2003 was a dominant period for the Bank from a variety of aspects: it was characterised by the necessary organisational and technical transformation and by launching the Bank on a stable growth path.
Since the transformation the Bank has been growing dynamically. During the first half of 2005 the portfolio of the Bank increased, both in terms of deposits and the credits extended. The balance sheet total of the Bank increased from 13.811 billion in the first half of 2004 to HUF 17.834 billion by the first half of 2005 (+ 29%), its credit portfolio increased from HUF 5.793 billion to HUF 9.388 billion (+ 62%) while its liabilities originating from customers grew from HUF 10.591 billion to HUF 14.232 billion (+ 34%).
The growth is even more spectacular if compared to the figures recorded before the reorganisation in 2003: the credit portfolio and the liabilities of the bank increased by 3.5 and 4 times, respectively. The net interest and commission revenues of the Bank have tripled since 2002.
The Bank's audited pre-tax profit as of 30 June 2005 amounted to HUF 134 million. After the payment of the corporate tax and the fulfilment of the general reserving obligation the first half of 2005 was closed with retained profit of HUF 96 million. The success of the first half relies on the growth of portfolios, the enhancement of commission earning services and the sale of the former headquarters building.
The management of the Bank is planning to implement additional investment projects supporting business operations in 2005 along with the introduction of new business divisions, products and services. One of the most important among these is the introduction of forward transactions for customers engaged in foreign trading operations, for the performance of which the Bank was granted licence by the Hungarian Financial Supervisory Authority in July 2005.
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