OTP Bank Romania's after-tax profit grows sevenfold in 2023

OTP Bank Romania's operating profit rose by 21% on the year to 20.972 billion forints in 2023, OTP Group said in an interim financial report last week. Operating expenses increased by 5% to 47.641 billion forints.

Net interest income edged up by 1% year-on-year to 53.865 billion forints, while net fee and commission income increased by 6% to 5.019 billion forints.

The total assets of OTP Bank Romania shrank by 5% to 1.6 trillion forints last year.

OTP Bank Romania's gross customer loans decreased by 7% in annual terms to 1.137 trillion forints as at the end of 2023. Retail loans fell by 10% to 485.2 billion forints.

Last month, Romania's largest lender by market share, Banca Transilvania, announced it will fully acquire the Romanian unit of OTP Bank for 347.5 million euro.

In Southeast Europe, OTP is also present in Bulgaria, Serbia, Albania, Slovenia, Montenegro and Moldova.

(1 euro = 394.747 forints)