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OTP Bank's Ukrainian unit loses €77.4 million in Q3

OTP Bank's Ukrainian unit, CJSC OTP Bank, sustained a loss of 947 million hryvnia (€77.36 million) in the third quarter of 2009, the Cashline brokerage reported in a newsletter on Monday.

Cashline said that CJSC OTP Bank has lost 1.7 billion hrynvia (€133.88 million) in the first three quarters of the year.

The brokerage noted that CJSC OTP Bank's data is compiled according to Ukrainian accounting standards, which differ significantly from Hungarian and international (IFRS) standards.

Cashline said that the bank's first-half losses were around €37.54 million when calculated according to IFRS standards.

The brokerage deemed the fact that CJSC OTP Bank restructured 34% of its entire portfolio during the first half to be a source of concern. (MTI-Econews)