Budapest, 17 May 2017 – KELER Group, provider of central securities depository and clearing services, grew more than expected in 2016, reported the General Meeting held in Budapest. Income realized by KELER Central Depository Ltd. grew with 4.5%, while the income of KELER CCP Ltd. was 11% higher than in the previous year. The Group continues to expand internationally in 2017 in order to offer services in new markets. 
As the sole central securities depository of the Hungarian capital market, KELER Central Depository Ltd. is a vital infrastructure of securities issuance, securities transaction settlement. In 2016, income from services amounted to HUF 4 567 million, an increase of 4.5 % over the previous period, and 1.5% higher than planned.
Chief Executive Officer György Dudás explained that improving economic conditions, expanding retail consumption, the upgrade of Hungary’s sovereign risk rating and low interest rates exerted a positive influence on fee income. All in all, the company realized HUF 65 million more income than forecasted. The Chief Executive Officer added that operating costs were less than planned, owing to strict cost control. Profit before tax amounted to HUF 1 706 million, 33.5% more than planned. The General Meeting resolved that similarly to earlier periods no dividend will be paid for 2016, as Group members retain earnings to reinvest in the business.
KELER CCP Ltd., the Group member providing clearing services and guarantee undertaking, also performed well: income from services amounted to HUF 1 278 million, in line with the plan, and 11% higher than in the previous year. Profit before tax totaled HUF 154 million.
KELER CCP Chief Executive Officer Károly Mátrai highlighted that market turnover below expected levels in the derivative, cash securities markets and the gas market resulted in less income than planned, which was partly compensated by energy market services, the business line generating most of the fee income. In 2016, the group of energy market clients expanded dynamically and more than two thirds of the clients are from abroad. Károly Mátrai added the most important goal is that the company becomes recognized internationally and grows to be one of the major service providers, offering services to energy market participants in an increasing number of countries in Europe. 
In the past year, KELER Ltd. carried on with the strategic modernization program to improve services, with the primary goal of developing from a domestic service provider into an innovative market participant of leading position in Europe and the region. In this spirit, the company joined to the standard European securities settlement system (Target2-Securities – T2S) that makes international securities settlement more secure and economic through the standardization of the European settlement systems. 

The Magyar Nemzeti Bank and the Budapest Stock Exchange are the owners of KELER Central Depository Ltd. (KELER) that was founded in 1993. With KELER CCP Ltd., its subsidiary, (jointly: KELER Group), they form the infrastructure to ensure the smooth operation of the Hungarian capital and energy markets. KELER, as the only central securities depository of the Hungarian capital market, provides the infrastructure for Hungarian securities issuance, the settlement of Hungarian securities transactions. KELER CCP as clearing house ensures secure and transparent trade clearing: it substitutes the clients involved in the contracts concluded in one or several financial markets. It acts as buyer to all sellers and as seller to all buyers by acting as the only counterparty to all of them and guaranteeing trade settlement. KELER CCP as clearing house complies with the strictest European requirements, and provides clearing services to the Budapest Stock Exchange, MTS Hungary government trading platform, CEEGEX Central Eastern European Gas Exchange and the TP Hungarian balancing gas market, and provides general clearing member services on HUPX, the Hungarian organized power trading market, the German, French, Czech and Serbian energy markets, and the Austrian gas market.
An innovative service provider with reliable professional and IT background, corresponding international practice, Hungarian and international regulations, the KELER Group builds on its stable shareholder background and capital position when serving its clients, takes into account the present and future needs of market participants and forms an interest group with market players. Its objective is to become a key player in the regional and the European markets by relying on market and service innovation.