ZAGREB (Croatia), May 11 (SeeNews) – Hungarian financial services group OTP said on Friday its Croatian unit, OTP Banka Hrvatska, turned to a net profit of 7.7 billion Hungarian forints ($29.2 million/24.4 million euro) in the first quarter, from a net loss of 1.8 billion forints in the same period last year, following the acquisition of Croatia's Splitska banka.
The net interest income of OTP Banka Hrvatska jumped 121% in January-March to 13.2 billion forints, while its net fees and commissions income surged 177% to 3.6 billion forints, OTP said in an interim financial report.
Last May, OTP purchased a 100% stake in Croatia's Splitska banka, a former member of Societe Generale Group, for 425 million euro.
OTP explained that the comparability of the financial performance on a yearly base is limited, as the result in the first quarter of 2017 did not incorporate any contribution from Splitska banka; the first time consolidation happened was in May 2017.
"The loss reported in 1Q 2017 was explained to a great extent by provisions booked on a big corporate exposure", the lender added.
OTP Banka Hrvatska's total assets grew to 1,755.8 billion forints from 639.4 billion forints in the first quarter of last year.
In Southeast Europe, OTP is also present in Bulgaria, Romania, Serbia and Montenegro.
(1 euro=315.097 HUF)
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