OTP Bank aims to double profit by 2009
Wednesday, July 13, 2005, 17:02
OTP Bank Rt, the largest lender in the 10 newest European Union countries, said it aims to almost double its net income by 2009, driven by increasing demand for loans in Eastern Europe. Budapest-based OTP plans to boost profit to Ft 245 billion in 2009, or Ft 878.2 a share, from Ft 141 billion or Ft 449.9 a share in 2004, according to a presentation by deputy chief Zoltan Speder on OTP's Web site.
OTP is expanding in Eastern Europe to benefit from the region's economies growing twice as fast as the EU's average. The Hungarian bank owns lenders in Bulgaria, Croatia, Romania and Slovakia, where it expects economic growth to fuel borrowing.