OTP Bank's Jan-Sept after-tax profit in Croatia up 20% y/y

OTP's total income from Croatian operations went up by an annual 21% in January-September, to 90.1 billion forints, while operating profit rose 33% to 48.8 billion forints, the banking group said in an interim financial statement.

Nine-month net interest income grew by 29% on the year to 66 billion forints, driven by a 7.0% increase in performing loans, it added. Net fees and commissions increased 6% to 19.4 billion forints.

OTP group's operating expenses in Croatia increased 9% on the year in the reporting period, reaching 41.2 billion forints. "This was attributable partly to the additional IT costs and expert fees owing to Croatia’s euro adoption, and also to a wage hike and bonus payment in the third quarter," it said.

Total assets of OTP BAnk Croatia increased to 3.289 trillion forints at the end of September from 3.225 trillion forints at the end of 2022.

Elsewhere in Southeast Europe, OTP is present in Albania, Bulgaria, Serbia, Romania, Slovenia, Montenegro and Moldova.

(1 euro = 377.3 Hungarian forints)