OTP Bank surpassed all its previous results last year, and will continue the construction and expansion in the coming years, Sándor Csányi, Chairman and CEO of OTP Bank, said at the company's Annual General Meeting in Budapest on Friday.
The CEO stressed that the company is the market leader in five countries and has a significant market share in several others. Stability indicators are good, the Group's capital position is stable, organic growth is significant, credit quality has improved at Group level, one-off items and the negative effects of the war in Ukraine have been mitigated.
In particular, he cited the fact that 64% of group-wide profit was generated by OTP's foreign interests in 2023 as a major achievement, significantly improving the group's risk-bearing capacity.
The CEO then announced to the AGM that the bank had made a takeover bid in an EU country on Thursday. He did not say more about the deal, but noted that it could be the biggest acquisition in the bank's history.
At the press conference following the general meeting, Sándor Csányi said the takeover bid on Thursday was for a bank in an EU member state in which OTP has no interest. He added that the possibility of expanding in Poland had been under consideration for a long time, and that they were reluctant to pull out of Romania, but it seemed clear that they would not be given the opportunity to make acquisitions. Without it, it is difficult to turn a small bank into a big one in the market there, and OTP's departure appeared to have "pleased the relevant authorities" in the neighboring country.
According to the resolution adopted at the general meeting, the 2023 balance sheet of the parent company was set at HUF 654.988 billion after tax, of which HUF 65.499 billion will be used for general provisioning, in addition to dividend payments.
OTP has previously paid a lower dividend than now, HUF 84 billion in 2022, at HUF 300 per share.
The General Meeting approved the 2023 financial statements of OTP Bank Plc prepared in accordance with international financial reporting standards and the report of the Board of Directors on OTP Bank's business activities in 2023 with a consolidated profit after tax of HUF 990.459 billion and a consolidated adjusted profit after tax of HUF 1,008.583 billion. OTP Bank closed 2022 with a consolidated profit after tax of HUF 347.081 billion and a consolidated adjusted profit after tax of HUF 592.547 billion.


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