Profit fell 30% from the base period or 8% after adjustments, state news wire MTI reports.

From Q1 2024, OTP started taking out only the effect of goodwill impairments and acquisitions from the P+L hierarchy and showing them at consolidated level as adjustment items, while booking all other previous adjustment items at the particular geographies or business segments where they arose.

Net interest income climbed 30% to HUF 442.3 bln. Net revenue from commissions and fees increased 18% to HUF 138.7 bln.

Total risk costs came to HUF 46.1 bln, a multiple of the HUF 12.6 bln in the base period.

Earnings per share, from adjusted after-tax profit, came to HUF 1,009.

OTP noted that its Hungarian business had booked the HUF 30.2 bln full-year gross amount for the bank levy and the windfall profit tax in Q1. However, reductions in the first half related to an increase in its holdings of government securities came to HUF 3.2 bln.

All of OTP’s foreign banks were profitable in Q2. Foreign units’ contribution to profit reached 69%.

In a disclaimer regarding war-related risks, OTP said the precise consequences of the war in Ukraine and international sanctions were difficult to estimate at present, adding that it “continues to monitor the situation closely”.

OTP had total assets of HUF 42.524 tln at the end of June, up 15% from twelve months earlier. Gross client loans increased 6% to HUF 24.015 tln. Stock of client deposits climbed 10% to HUF 31.037 tln.