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OTP’s profit drops 13% as government policy changes bite
['Attila Leitner', 'Written Christina Vontin']
The Budapest Times
Market leader OTP Group posted a consolidated adjusted after-tax profit of 256 billion forints (approximately 700 million euros) in the second quarter, down 13% year-on-year.
The group’s first-half result, adjusted for these special items, fell 2% to 580 billion forints.
Operating profit grew 1% year-on-year in the first half to 878 billion forints.
At the same time, total revenues rose 5% to 1,512 billion forints, with net interest income recording a gain of 13% to 1,068 billion forints.
The net interest margin reached 4.61% in the first six months.