Hungary’s OTP has posted a third quarter
net profit of HUF30.9bn ($154.8m), down 32.6% from the same period
last year but ahead of analyst forecasts.
In an upbeat presentation, OTP deputy
chief executive Laszlo Bencsik said the bank is forecasting a
modest increase in lending and added that he expected no major rise
in provisions in the fourth quarter.
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Third quarter lending was flat
year-on-year and 1% up on the previous quarter.
“Our net loan-to-deposit ratio is 106%.
This was 110 percent in the previous quarter,” said
Bencsik.
Consolidated net interest income in the
third quarter rose by 9% year-on-year to HUF150.3bn billion, with
net fee and commission income up by 3% to HUF33.9bn.
OTP’s capital adequacy
ratio improved by 110 basis points to 18% at the end of the third
quarter, at the top end in international comparison.
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By GlobalDataOTP’s capital strength
leaves it well placed to consider bolt-on acquisitions in markets
where there is scope for efficiency savings, with Romania a
possible target sector.
