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Hungary’s factoring market grows 43%

Hungary’s factoring market grows 43%

BUDAPEST: Gross turnover of factoring companies in Hungary saw a year-on-year rise of 43%, reaching HUF 270.2 bln, in the first quarter this year, Hungarian economic daily Világgazdaság reported today referencing data from the Hungarian Factoring Association.

Világgazdaság said that net turnover was up 8.6% at HUF 108.2 bln, while client numbers were just over 2,000, down by approximately 10%. Banksʼ share of gross turnover rose to 88.6% from 78.1%, while OTP Bankʼs market share stood at 37%, the paper added.