OTP Bank Romania's profit increased 18 per cent in Q1 2018
OTP Group announces the financial results for the first quarter 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 has registered an after-tax profit of 22.5 million RON. 2018-05-15 14:05:19
This is the strongest quarterly profit ever, with an increase of 18 per cent compared to 2017 results and a q-o-q advance of 60 per cent, supported also by provisions releases.
Operating profit dropped by 34 per cent y-o-y as a result of 5 per cent lower total income and 15 per cent higher operating expenses. On a quarterly base, operating expenses were moderated by 6 per cent. Both personal expenses and amortization costs declined with 14 per cent q-o-q. Within administrative expenses, marketing costs and expert fees came down, too.
The net interest income eroded by 2 per cent y-o-y. Higher interbank rates had negative impact on funding costs, however the bank managed to arrive at a net interest income with 41 per cent higher than Q4 2017. The 4Q accounting correction also had a negative impact on the net interest margin, which dropped by 42 bps y-o-y.
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