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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...

OTP Group posted HUF 28.3 billion adjusted profit in 1Q 2015 which means a 20% decline y-o-y, but massively exceeds the previous quarter. The significant quarterly improvement is reasoned mainly by lower risk costs, but the operating profit also improved by 8%. The quarterly accounting profit was HUF 1.9 billion versus a profit of HUF 10.9 billion in the previous quarter and HUF 5.9 billion in 4Q 2014. In 1Q 2015 the total volume of adjustments amounted to -HUF 26.4 billion. The most important adjustment items were the special banking tax imposed on the Hungarian and Slovakian banks (HUF -28...

In 2014, OTP banka continued to strengthen its market shares in all strategic segments. With the successful integration of BPC and fully covered acquisition costs, OTP banka recorded profit. Along with successful integration of Banco Popolare Croatia, OTP banka ended 2014 with HRK 155.2 million net profit. Banking business operations exceeded planned values in the segment of operating income and lower operating costs. Income from interest in the previous year was under the negative impact of the reduction of interest rates on retail loans, conditioned by the drop of the reference interest...