March 11 (SeeNews) - Hungarian financial services group OTP said that the after-tax profit of its Albanian unit Banka OTP totalled 15 billion Hungarian forints ($41.6 million/38 million euro) in 2023, up from 10.1 billion forints in the previous year.
Banka OTP Albania's operating profit almost doubled to 18.3 billion forints, OTP said in an interim financial report last week.
Net interest income increased by 65% on the year to 27.9 billion forints, while net fee and commission income added 22% to 3.72 billion forints in 2023. Operating expenses rose 39% to 15.1 billion forints.
The Albanian unit's total assets increased to 670 billion forints at the end of December 2023, from 636 billion forints at the end of December 2022.
Banka OTP Albania's gross customer loans edged down by 1% reaching 368 billion forints at end-December, whereas deposits expanded by 6% to 548 billion forints, OTP said.
Banka OTP Albania has been owned by OTP since April 2019. Prior to that, it belonged to French banking group Societe Generale. In December 2022, Albania's central bank approved a merger between OTP Bank and the local unit of Greece's Alpha Bank Group.
In Southeast Europe, OTP is also present in Bulgaria, Serbia, Romania, Slovenia, Montenegro and Moldova.
(1 euro = 394.860 forints)
Banka Societe Generale Albania Sh.a. (formerly Banka Popullore Sh.a.) is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here