OTP profits rose 55%

Banking

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Second-quarter after-tax profit of OTP Bank, Hungary's biggest commercial lender, rose 55% year-on-year to HUF 121.8 billion as risk costs declined, according to an earnings report released yesterday on the website of the Budapest Stock Exchange.

Net interest revenue rose 8% to HUF 210.6 bln.

Net revenue from commissions and fees increased 21% to HUF 80.3 bln. OTP's risk costs came to HUF 9.7 bln, well under the HUF 39 bln in the base period, when pandemic provisions weighed. Earnings per share came to HUF 474 for the period.

OTP had total assets of HUF 24.551 trillion at the end of June, up 13% from twelve months earlier. Gross stock of client loans increased 9% to HUF 14.905 tln.

Client deposits rose 12% to HUF 18.259 tln. The ratio of non-performing loans in the portfolio stood at 3.6%.

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