OTP Group Q2 net profit above expectations

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Hungarian OTP Bank Group has posted a consolidated net profit of HUF 89.5 billion (US$317 million) in the second quarter of the year, exceeding analysts’ expectations of 81.6 billion, Magyar Hírlap reported.

OTP Bank Group is one of Central and Europe’s largest independent financial services providers, with operations in eight regional countries besides Hungary: Bulgaria (DSK Bank), in Croatia (OTP banka Hrvatska), in Romania (OTP Bank Romania), in Serbia (OTP banka Srbija), in Slovakia (OTP Banka Slovensko), in Ukraine (OTP Bank JSC), in Montenegro (Crnogorska komercijalna banka) and in Russia (OAO OTP Bank). It also plans to set up operations in Albania.

Profit in the first half of the year was HUF 154.5 billion, a 16 percent increase over the same period in 2017.

The core Hungarian operation of OTP Bank contributed HUF 56.2 billion to overall second quarter profits, Bulgarian subsidiary DSK Bank 12.8 billion, Russia 5.6 billion, Ukraine 5.4 billion and Croatia 4.5 billion. The other subsidiaries produced losses in this period: Serbia 900 million, Montenegro 600 million, Slovakia 800 million and Romania 100 million.

On the Budapest Stock Exchange, OTP shares closed on Thursday at HUF 10,690, up 40. In the past twelve months OTP’s share price moved between HUF 9,510 and 11,780.  

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