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Analysts predict OTP Bank net profit fall a third in Q3

The consensus among analysts polled by the business daily Napi Gazdaság is that OTP Bank posted third-quarter consolidated net profit of HUF 33.9 billion (€124.93 million), down 34% from a comparable HUF 50 billion in Q3 of 2008.

OTP Bank's net profit in Q3 was HUF 168.7 billion in Q3 2008, including the proceeds from sale of its insurance unit Garancia.

OTP Bank is scheduled to publish its unaudited third-quarter IFRS report on Friday.

The forecast varies only slightly from the HUF 33.6 billion consensus in a poll by business website

The analysts noted that OTP would thus need to generate profit of HUF 32 billion in last quarter of year to reach the bank's 2009 profit target of HUF 150 billion.

The analysts polled by Napi predicted that OTP Bank would record net interest income of HUF 137.6 billion in the third quarter of 2009, compared to HUF 130 billion in Q3 of 2008, while the bank would have risk provisions of HUF 54.9 billion at the end of the third quarter of this year, up sharply from HUF 19 billion at the end of Q3 last year.

The consensus for net interest income, adjusted for swap transactions was HUF 135.5 billion in the poll. (MTI – Econews)