OTP raises after-tax profit from Montenegrin ops 27% y/y in Q1

Net interest income increased by an annual 25% to 8.4 billion forints in January-March, whereas net revenue from commissions and fees went up 27% to 1.9 billion forints, OTP said in an interim financial report published last week.

Operating expenses increased by 13% on the year to 4.08 billion forints in the first three months of 2024.

The volume of gross customer loans added 11% on the year to 482 billion forints in the firat quarter, while customer deposits expanded by 8% to 505 billion forints in the period under review.

Total assets were 10% higher on the year at 665.4 billion forints at the end of March 2024.

CKB was Montenegro's largest bank in terms of assets among 11 lenders active at the end of last year, according to data from the Montenegrin central bank.

In July 2019, CKB completed the acquisition of a 90.55% stake in Societe Generale Banka Montenegro for 35.6 million euro and renamed the lender to Podgoricka Banka. CKB completed the integration of Podgoricka Banka in December 2020.

(1 euro = 386.591 Hungarian forints)