OTP bank retail news

OTP Bank Plc. announces that OTP banka Hrvatska, the Croatian subsidiary of OTP Bank signed an acquisition agreement on purchasing 100% shareholding of Splitska Banka, member of Société Générale Group. Societe Generale Splitska is the 5th biggest player on the Croatian banking market and as a universal bank it has been active in the retail and corporate segment as well. As a result of the acquisition the market share of OTP Group will rise to approximately 10%. OTP Bank has been present in Croatia since 2005 and its operation has been continuously profitable even during the economic crisis...

The banking group results exceed analysts’ expectations. Similar to previous periods OTP Group maintained a strong and safe liquidity position, with significant profit improvement. The consolidated accounting profit was HUF 71.9 billion in 2Q, more than double reached in the previous quarter as a result the half year accounting profit increased to HUF 106.2 billion (+165% y-o-y). In 1H 2016 OTP Group posted HUF 104.1 billion adjusted after tax profit which is materially higher than the net earnings realized in the base period (HUF 69 billion). The y-o-y 51% increase is almost entirely...

OTP banka is the first bank in Croatia using its own energy sources. Construction of three solar power plants in three sunny cities – Dubrovnik, Zadar and Pula – will secure part of electricity necessary for the functioning of bank's buildings. OTP banka recently put the new solar power plant on its building in Zadar into operation; photovoltaic system of 21 kWp was realized through co-financing contract within the Environmental Protection and Energy Efficiency Fund project subsidizing use of renewable energy sources. Total value of the project amounts to HRK 313,000, out of which the Fund...

The banking group still has strong liquidity and capital position, with significant profit improvement. The consolidated accounting profit was HUF 34.3 billion in 1Q. As the management flagged earlier there was only one larger adjustment item: the HUF 13.4 billion banking tax (after tax). The amount incorporates the whole annual Hungarian banking levy recognized by the Hungarian group members in 1Q, as well as the prorated Slovakian banking tax. The consolidated accounting profit was HUF 34.3 billion in 1Q. As the management flagged earlier there was only one larger adjustment item: the HUF...

In cooperation with the City of Sisak, OTP banka will support “Sisak Entrepreneur 2016“ project. Entrepreneurial loans will be granted from credit fund worth HRK 20 million at favorable fixed interest rate. Business cooperation agreement in this project was signed by OTP banka CEO Balázs Békeffy and Sisak Mayor Kristina Ikić Baniček. Credit fund in the amount of HRK 20 million will be available for HRK loans to entrepreneurs with fixed 5.5 percent annual interest rate. End beneficiaries who construct, refurbish or purchase business properties will be offered very affordable interest rate of...

The banking group has still strong liquidity and capital position, with strong Hungarian and Bulgarian performance. The consolidated accounting profit for the last 12 months was HUF 63.2 billion versus a loss of HUF 102.3 billion in the base period. The material y-o-y change was related mainly to the adjustment items. In 2015 the total volume of adjustments amounted to HUF -57 billion after tax, which is materially lower than HUF -220 billion booked in the base period. In 4Q 2015 adjustment items represented HUF +10.1 billion after tax (3Q: -38.3 billion). OTP Group posted HUF 120.2 billion...

AXA Bank Europe SA and OTP Bank signed a business unit purchase agreement with AXA Bank Hungary. The transfer of the business unit agreement includes AXA Bank's retail credit and savings, as well as corporate area and the employees of AXA Bank. The retail-focused AXA Bank is present in Hungary since 2009. AXA Bank offers innovative online customer service in the savings business, and it is mainly considered to be strong in mortgage lending in the domestic market. After the completion of the purchase OTP Bank's mortgage portfolio will increase with almost 25%. The largest Hungarian financial...

Although in the 3q OTP Group’s profit has decreased, the first nine month showed positive developments on y-o-y. The banking group has still strong liquidity and capital position. The 9M accounting after tax profit was HUF 36.5 billion versus HUF 113.2 billion loss in the corresponding period of last year. However, those periods are hard to be compared since adjustment items varied a lot. In 9M 2015 within the Group’s accounting result the 9M adjustments represented more than HUF -67 billion in total against HUF -221 billion in the base period. In 9M 2015 OTP Group posted around HUF 104...

In 1H 2015 OTP Group posted HUF 68.9 billion adjusted after tax profit. The 1H accounting after tax profit was HUF 40.1 billion versus HUF 147.3 billion loss in the corresponding period of last year. However, those periods are hard to be compared since adjustment items varied a lot. As a result, in the Group’s accounting result the 1H adjustments represented HUF -28.8 billion in total against HUF -221.6 billion in the base period. In 1Q 2015 those items represented HUF -26.4 billion, whereas in 2Q their magnitude melted to HUF -2.4 billion. The FX-adjusted consolidated loan portfolio...

Within its program "Green Light for ...  Better Society" OTP banka selected 40 projects on a public tender to award a total of HRK 400,000. OTP banka had been organizing public donation tenders for the past three years, enabling orgnizations to apply projects in four categories: youth, education and science, preservation of cultural, historical and traditional heritage and environmental protection, humanitarian projects and sports. Hundreds of applications were submitted from all over the Croatia and the commission has chosen 40 projects that have distinguished themselves with quality...