OTP, Hungary’s largest
lender, has posted a first quarter net income of HUF37.2bn
($197.9m), down 12% from the year ago period.

The Hungarian banking
sector levy bit OPT hard: the lender said that the extraordinary
tax in the three months to 31 March amounted to
HUF7.2bn.

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OTP’s first quarter net
interest income increased by 6% to HUF151.7bn; net fees and
commission rose by 5% to HUF32.7bn.

Notable first quarter
metrics included:

  • Operating costs increased 3% to HUF
    85.6bn;
  • Provisions for loan losses fell by 15% to
    HUF46.3bn;
  • OTP’s cost-income ratio increased by 150
    basis points to 44.8%;
  • OTP’s total assets rose by 2% to
    HUF9.67trn;
  • Retail loans rose by 5% to HUF 4.50trn,
    and
  • Retail deposits rose 3% to HUF
    4.25trn.

Looking ahead, OTP continues to be linked
with further international expansion; Romania remains the most
likely market for a fresh acquisition.

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