The earnings beat the analysts’ consensus of HUF 290.6 bln. OTP’s foreign units generated 64% of after-tax profit during the quarter.
Net interest income increased 15% to HUF 444.2 bln. Net revenue from commissions and fees rose 10% to HUF 137.5 bln.
Risk costs came to HUF 27 bln for the quarter, including HUF 15 bln in credit risk costs, mainly at OTP’s banks in Russia and Bulgaria, as provisions were released in Hungary.
The divestment of OTP’s Romanian bank had a one-off positive impact of HUF 10.5 bln at the group level.
OTP also booked a HUF 16 bln fair value adjustment on subsidized home loans and prenatal baby support credit in Hungary.
OTP had total assets of HUF 41.557 trillion at the end of September, up 5% from 12 months earlier.
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