OTP Bank boosts 9-mo after-tax profit in Albania 85% y/y

Total income increased 47% on the year to 14.26 billion forints in the period under review, whereas operating expenses grew 48% to 6.7 billion forints, the banking group said in a statement.

OTP Bank Albania's total assets stood at 672.4 billion forints at the end of September, up from 350.8 billion forints at the end of 2021.

Gross customer loans reached 393.5 billion forints at the end of the third quarter, higher compared with 219.9 billion forints at the end of 2021. Customer deposits rose to 540.5 billion forints from 251.3 billion forints.

OTP Group acquired Alpha Bank Albania SH.A., the Albanian unit of Greece's Alpha Bank Group, in July. The integration of OTP Bank Albania and Alpha Bank Albania is expected to be concluded in 2023.

The January-September financial statement includes the acquired bank’s portfolio from July, but its profit contribution is consolidated into OTP Group’s profit and loss account only from August, the banking group said.

(1 euro = 402.637 forints)