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OTP Bank Romania announces its financial results for the first half of 2011

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2011-08-24 17:57

– OTP Bank Romania recorded a net profit of RON 22.9 million/ HUF 157 million in the first half of 2011rnrn- 14% growth of the operating profit year-on-year rnrn- The credit coverage ratio improved year-on-year rnrn- In the first half of the year, the lending activity was focused on retail mortgage and SME lending rnrn- FX adjusted retail deposits continued growing, with a significant contraction in corporate deposits rnrnBucharest, August 23, 2011 – According to the original report submitted to the Budapest Stock Exchange, the Romanian subsidiary of OTP Bank recorded a net profit of RON 22.9 million, representing a significant growth compared to the similar period of last year. rnrnYear-on-year, the operating profit increased by 14%, as a result of a strong net interest income and good cost control. In the first half of 2011, the lending activity was focused on SME loans and retail mortgage loans, but there was also a 5% increase of corporate loans starting with the second quarter. rnrnDuring the last year, OTP Bank Romania developed its loan portfolio, adjusted to the foreign exchange rates, and registered a 5% growth y-o-y. rnrnFX adjusted retail deposits continued growing, with a significant contraction in corporate deposits. rnrnDuring the first half of 2011, OTP Group registered an after-tax profit of HUF 74.5 billion, which marks a 7% increase year-on-year. rnrnThe foreign subsidiaries of OTP Group contributed with 30% of the adjusted consolidated profit (HUF 26.8 billion, representing 36% of the unadjusted profit), as a result of the improved operational performance in Ukraine, Bulgaria, Russia, Romania and Croatia. rnrnAnother performance achieved by OTP Group relates to the results of the second European stress test published by the European Banking Authority on July 15, 2011, which highlighted an outstanding capital position. Even in a worst-case scenario, the Tier1 ratio of OTP Core would be 13.6%, the third highest among European banks. rnrnThe complete results are available in the report published by OTP Bank Plc.:rnhttp://www.otpbank.ro/export/sites/default/ro/despre-noi/otp-bank-romania/raport-anual/raport-bursier-semestru-I-2011.pdfrnrnOTP Bank Romania is a subsidiary of OTP Bank, the largest independent banking group from Central and Eastern Europe. OTP Bank provides universal services in Hungary, Romania, Montenegro, Croatia, Bulgaria, Russia, Ukraine, Slovakia and Serbia for more than 12 million customers, through a territorial network of over 1500 units, the ATM network and electronic channels.

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