OTP Bank Romania a obtinut in primele noua luni din acest an un profit brut de 2,862 miliarde forinti, in crestere cu 13% fata de aceeasi perioada a anului precedent, insa banca a inregistrat un impozit pe profit mai mare cu 138% fata de anul trecut, rezultata din datele financiare publicate de banca-mama din Ungaria.

Astfel, daca in primele noua luni ale anului trecut banca platea un impozit pe profit de 327 milioane forinti la un profit brut de 2,532 miliarde forinti, rezultand un profit net de 2,205 miliarde forinti, in primele noua luni din acest an impozitul a fost de 778 milioane forinti, pentru un profit brut de 2,862 miliarde forinti, rezultand un profit net de 2,084 miliarde forinti.

Iata extrasele din raportul financiar al OTP Bank referitoare la subsidiara din Romania:

The Romanian subsidiary improved substantially its quarterly results q-o-q, the ROE pierced again 10% (3Q: 11.1%) and the 9M results were close to the base period.

The bank’s performance for the first nine months was shaped by improving operating profit and higher risk costs. The 9M net interest margin grew by 25 bps y-o-y. The performing loan volume growth was dynamic with the consumer portfolio expansion taking the lead (+24% y-o-y). The credit quality of the loan book improved substantially and the DPD90+ ratio declined to 15.5%.

 OTP Bank Romania posted HUF 2.1 billion profit in 9M 2017 (-5% y-o-y), 3Q net earnings represented HUF 1.2 billion

 Operative trends were positive with 9M operating profit surging by 30% y-o-y

 Credit quality trends were favourable in 3Q, q-o-q lower quarterly risk costs were supported by base effect, too

 The performing loan portfolio kept growing both in the retail and corporate segments

In July 2017 OTP Bank Romania S.A., the Romanian subsidiary of OTP Bank signed an acquisition agreement on purchasing a 99.28% shareholding held in the Romanian Banca Romaneasca S.A. by National Bank of Greece S.A and certain other Romanian exposures held by different subsidiaries of National Bank of Greece S.A.

The financial closing of the transaction is expected to be completed at the beginning of 2018 after obtaining all the necessary regulatory approvals, thus the 9M figures did not incorporate the effect of the transaction. OTP Bank Romania posted HUF 2.1 billion net earnings in 9M 2017.

The bank reached HUF 1.2 billion profit in 3Q versus a loss of HUF 0.5 billion realized in 2Q. The 9M operating profit surged by 30% y-o-y as a result of a 5% y-o-y increase in total income and a 6% moderation in operating expenses.

The net interest income improved by 6% y-o-y. The 9M net interest margin went up by 25 bps y-o-y mainly explained by lower funding costs. Furthermore, the net interest income was supported by the increasing volume of performing loans, especially in the consumer and SME loan segments.

Net fees and commissions for the first 9M moderated by 10% y-o-y due to methodology change: effective from 4Q 2016 discounts for certain products and services previously booked within marketing expenses have been shifted into fee and commission expenses. 9M other net non-interest income improved by 17% y-o-y supported mainly by improving FX-results.

9M operating expenses declined by 6% y-o-y. Apart from lower amortization costs (-41% y-o-y) other administrative expenses came down, too (-10% y-o-y) mainly due to savings in expenses related to real estates and lower deductible taxes.

At the same time personnel expenses grew by 5% y-o-y in 9M. DPD90+ volumes (FX-adjusted, without sales and write-offs) declined by HUF 0.3 billion in 3Q versus increasing volumes in the previous quarters (2Q: HUF 0.6 billion, 1Q: HUF 1.6 billion). During the first nine months HUF 4 billion problem exposures were sold/written off, of which HUF 1.7 billion in 3Q.

The DPD90+ ratio was 15.5% at the end of 3Q (-2.3 pps y-o-y, -1.1 pps q-o-q); the coverage ratio reached 82.5% (+1.4 pps y-o-y, -1.2 pps q-o-q).

9M total risk costs surged by 41% y-o-y as a result of higher provisioning in 2Q 2017. Latter reflects changes in the provisioning policy resulting in one-off additional provisions. In 3Q total provisions dropped by 66% q-o-q as a result of the base effect, but also due to favourable credit quality trends.

As a result of moderating risk costs the 3Q ROE improved and exceeded 11%. Operating profit declined by 5% q-o-q. Total income decreased by 1% q-o-q. Net interest income came lower by 1%, the impact of higher performing loan volumes was offset by shrinking net interest margin (-18 bps q-o-q).

Lower quarterly NIMs were partially induced by the dilution effect of increasing intragroup financing in order to safely meet liquidity requirements. 3Q operating expenses grew by 3% q-o-q, driven by higher personnel expenses, and rising marketing expenses and expert fees within the other administrative costs.

The FX-adjusted performing loan volumes increased both in y-o-y and q-o-q comparison (+11% and +4% respectively). Both the retail and corporate segment supported the expansion. Within retail the consumer (+24% y-o-y and 9% q-o-q) and SME (+28% y-o-y and 5% q-o-q) loans demonstrated expansion.

The corporate volume growth remained strong in 3Q (+6% q-o-q, +17% y-o-y). As for new loan disbursements, the cash loan sales improved by 17% y-o-y in local currency terms. The new disbursement of mortgage loans declined after the strong 2Q, however it improved by 80% in local currency in the first nine months y-o-y. FX-adjusted deposit volumes increased by 4% y-o-y, while they stagnated q-o-q.

The yearly growth was supported by both retail and corporate inflows. According to local regulation the Bank’s standalone capital adequacy ratio stood at 15.7% at the end of 3Q 2017. The Romanian Prime Minister denied that the government was planning to introduce a banking tax, since an opposition PM had mentioned the possibility of such a step.