OTP, Hungary’s largest banking
group, easily outperformed analysts’ forecasts in the first
quarter, although net income fell by 24 percent to HUF41.8 billion
($205.4 million) on increased provisions and losses at its
Ukrainian subsidiary.
And, in an upbeat statement, the bank said it
was on course to achieve its annual net profit target of HUF150
billion.
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“We continue to see it as achievable. What
we’re seeing are in line with our plans, including risk
provisions,” said Laszlo Urban, the bank’s finance director in a
statement.
Having posted a HUF9.1 billion loss in the
first quarter, Urban forecast the bank’s Ukrainian unit could yet
break even for fiscal 2009 as a whole.
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