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OTP Bank stands by profit target

OTP Bank does not wish to change its annual business plan, and it will probably exceed the profit target, deputy-CEO Zoltán Spéder announced on Friday after the publication of the bank's Q2 report. The annual IFRS (International Financial Reporting Standards) profit target will be met, he said. OTP Bank had consolidated net profits of Ft 38.1 billion in Q2, slightly below consensus expectations, bringing H1 profits to Ft 76.4 billion, the report showed. H1 pre-tax profit according to Hungarian Accounting Standards exceeded half of the respective Ft 175 billion annual target. Spéder said the bank would meet its annual consolidated net profit target of Ft 155 billion in its business plan, even though first-half profits are slightly under half of the goal.