OTP Deputy CEO: Liquidity, capital position outstanding

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Photo by Jessica Fejos

The OTP Bank groupʼs net loan-to-deposit ratio has dropped under 70% and liquidity reserves neared €7.4 bln, Deputy CEO László Bencsik said this morning, after reporting consolidated losses of HUF 3.7 bln for Q3, Hungarian news agency MTI reported.

(Photo: Jessica Fejos)

A major factor behind the losses was that the bank group decided to launch a loan conversion program for clients holding Swiss-franc-denominated loans at its Romanian unit. This alone reduced Q3 income by HUF 25.5 bln, he said.

In the report, the bank said that, excluding the impact of FX conversions in Hungary, Romania and Croatia and a number of smaller, one-off factors, profit for the period would have reached HUF 34.6 bln.

The bank levy is very harmful for the Hungarian economy and every initiative to reduce the burdens on the banking sector is positive, Bencsik said in response to a question.

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