OTP's Albanian unit Q1 after-tax profit up 59% y/y

Banka OTP Albania's operating profit rose 49%, reaching 5.4 billion forints, OTP said in an interim financial report last week.

Net interest income increased by 23% on the year to 7.9 billion forints, while net fee and commission income added 10% to 878 million forints in the January-March period of 2024. Operating expenses rose 3% to 3.9 billion forints.

The Albanian unit's total assets rose 13% to 709 billion forints at the end of March 2024, from 626 billion forints at the end of March 2023.

Banka OTP Albania's gross loans to customers increased 10% year-on-year amounting to 388 billion forints, while deposits rose by an annual 16% to 571 billion forints, OTP said.

Banka OTP Albania has been owned by OTP since April 2019. Prior to that, it was a unit of 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 group also operates in Bulgaria, Serbia, Romania, Slovenia, Montenegro and Moldova.

(1 euro = 386.675 forints)