OTP Bank Romania announced a consolidated after-tax profit of RON 19.7 million in the first half of 2018. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group’s reporting standards, OTP Bank Romania recorded a consolidated after-tax profit of RON 19.7 million (HUF 1.4 billion), up by 59 percent higher compared to the base period. The FX-adjusted performing loan volumes increased with 12 percent year-on-year, supported by robust consumer and corporate lending. It was mainly the corporate segment being the engine of growth, with 23 percent volume increase compared to 2017. The retail business also contributed to the growth with an 8 percent year-on-year increase. As for new loan disbursements, in the first semester of 2018 mortgages improved by 11 percent, whereas the cash loan sales grew by 15 percent. The expansion of the performing loan portfolio had a positive impact on quarterly interest revenues, whereas the net interest margin remained stable. On the first semester’s total risk costs amounted RON 37.2 million (HUF 2.58 billion), dropping by 41 percent compared to the same period of 2017 due to the change in the 2Q provisioning. FX-adjusted deposit volumes registered a 8 percent increase… Read full this story
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