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Hungary's OTP Bank Croatian Unit 9-Mo After-Tax Profit Rises 31.5% - Table

Nov 17, 2008, 5:01:14 PMArticle by Annie Tsoneva
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ZAGREB (Croatia), November 17 (SeeNews) – Hungary's OTP banking group said on Monday that the nine-month after-tax profit of its Croatian unit, OTP Banka Hrvatska, reached 3.7 billion forints ($17.4 million/13.8 million euro), an increase of 31.5% on the year. 

Hungary's OTP Bank Croatian Unit 9-Mo After-Tax Profit Rises 31.5% - Table

"The moderating earning dynamism in the third quarter of 2008 is partially due to the Hungarian forint strengthening [...] and unfavourable market conditions," the Hungarian parent bank OTP said in a statement on its website. In the third quarter alone, the after-tax profit of OTP Banka Hrvatska was 1.351 billion forints, up 4.5% quarter-on-quarter and 14.1% year-on-year. 

Following are the details for OTP Banka Hrvatska for the nine months of 2008 (in millions of Hungarian forints): 

Jan-Sept’08    Jan-Sept’07
After-tax profit                                  
3,711      2,823
Net interest income                              10,005   8,629
Net fees and                                                 2,581 2,200
Other net non-interest income                                      1,208          649
Operating expenses                   -8,850      -7,713
Gross customer loans                                            280,728    225,061
Deposits from customers               315,377  285,230
Total assets          
449,566    397,155
ROA (pct)                                  1.1% 1.0%
ROE (pct)                10.7%    10.8%

OTP Banka Hrvatska held a 3.6% market share by assets, 4.1% share by deposits and 3.6% share by loans in the country at the end of September. The Hungarian banking group is also present in Bulgaria and Romania and in Croatia's neighbours Serbia and Montenegro.

(1 euro = 268.6235 Hungarian forints)

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