ADVERTISEMENT

OTP Q2 Profits Fall 38% y.o.y.

Banking

Tupungato/Shutterstock.com

Consolidated second-quarter after-tax profit of OTP Bank fell 38% year-on-year to HUF 76.1 billion, dragged lower by a windfall profit tax, according to an earnings report released on the website of the Budapest Stock Exchange.

Net interest income rose 27% to HUF 266.4 bln and net revenue from commissions and fees increased 19% to HUF 95.8 bln.

OTP recorded the full-year payment - HUF 67.9 bln - for a windfall profit tax on the banking sector in the second quarter. The bottom line was also hit by HUF 10.1 bln booked for the expected effect of an extension of an interest rate freeze on mortgage loans.

OTP noted that P&L and balance sheet items were distorted by the significant weakening of the forint during the period.

Alteo Revenue Down 26% in Q1 Green Energy

Alteo Revenue Down 26% in Q1

Gov't to Call HUF 75 bln Tender to Support Innovation by SME... Government

Gov't to Call HUF 75 bln Tender to Support Innovation by SME...

Gen Z Bringing New Challenges to Office Market Office Market

Gen Z Bringing New Challenges to Office Market

1990s Hungary Inspires Debut Novel ‘Ilona Gets a Phone’ History

1990s Hungary Inspires Debut Novel ‘Ilona Gets a Phone’

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.