OTP to pay HUF 78.3 bln windfall tax in 2022

Banking

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OTP Bank, Hungary's biggest commercial lender, will pay HUF 78.3 billion this year on a tax on "extra profit" the government is levying on the banking sector, according to a report by state news wire MTI.

In an announcement posted on the website of the Budapest Stock Exchange on Wednesday, OTP said it will book the tax payment in a lump sum in the second quarter.

The accounting treatment of the windfall tax payable in 2023 is "still under discussion", it added.

The windfall tax, one of a number the government is levying on certain sectors, is in place in 2022 and 2023.

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