BUDAPEST -- Citibank Budapest, the Hungarian banking unit of Citicorp, has announced pretax profits of $25.7 million for 1993, up 32% over the previous year.
The gain in pretax exarnings came on a 14% decline in revenues to $60 million last year. Assets rose 28% to $354 million.
Citicorp set up its Hungarian banking unit in 1986, and in September last year bought out the National Bank of Hungary, which held a minority 20% stake.
The unit handles local currency deposit taking and lending and said it is putting most of its focus on corporate finance and capital markets-related activities.
The bank's customers include a large chunk of Hungary's biggest corporations, as well as many foreign companies with investments in the country.