Third-quarter after-tax profit of OTP Bank, Hungary's biggest commercial lender, rose 4% year-on-year to HUF 330.5 billion, an earnings report published ahead of the opening bell on Friday shows.
Net interest income increased 10% to HUF 489.0 billion. Net revenue from commissions and fees climbed 11% to HUF 152.7 billion.
For the period Q1-Q3, after-tax profit edged up 3% year-on-year to HUF 849.1 billion. Net interest income rose 9% to HUF 1,435.4 billion and net revenue from commissions and fees increased 12% to HUF 443.9 billion.
Diluted earnings per share came to HUF 3,273 for Q1-Q3.
Total risk costs jumped 136% to HUF 156.0 billion. Provisions for impairment on loan losses reached HUF 132.7 billion, of which 84.4 billion was for loans on OTP's Russian books.
In a disclaimer on risks related to the Russian-Ukrainian war, OTP said it "continues to monitor the situation closely" while acknowledging that the group's ability to conduct business could be adversely affected by disruptions and restrictions to its infrastructure, business processes and technology services.
OTP noted that it had booked the full-year amount for the Hungarian bank levy, HUF 32.8 billion, in the first quarter. It also booked the annual gross HUF 106.7 billion for the local windfall profit tax in Q1, but that amount, after deductions, is expected to reach HUF 54.5 billion for the full year.
After-tax profit of OTP's core business in Hungary reached HUF 197.5 billion in H1, down 6% from the base period.
Earnings at its unit in Bulgaria, DSK, rose 5% to HUF 153.6 billion. OTP Bank Slovenia generated profit of HUF 88.3 billion and OTP Bank Serbia's earnings came to HUF 55.1 billion. After-tax profit booked for OTP Bank Russia reached HUF 156.8 billion.
OTP's foreign units accounted for 71% of consolidated after-tax profit.
OTP had total assets of HUF 45,075 billion at the end of September, up 4% from twelve months earlier. Net stock of client loans rose 10% to HUF 24,858 billion and client deposits increased 9% to HUF 33,384 billion.
The ratio of stage 3 loans under IFRS 9 fell 0.5pp to 3.4%.
Management affirmed guidance for FX-adjusted organic performing loan volume growth over the 9% reported in 2024.
At a press conference in the morning, deputy-CEO Laszlo Bencsik called the state-subsidised Home Start credit scheme for first-time home buyers the "most exciting" development of recent months. He said that mortgage application volume had risen to HUF 129 billion in September, the month the scheme launched, from just HUF 40 billion in July. Around HUF 99 billion of those applications were for Home Start credit, he added.
Bencsik said OTP had bought HUF 88 billion of treasury shares in the period until November 4.
Fielding questions, he said OTP was actively seeking possible acquisition targets, but added that the expected organic growth of the loan book in 2025 showed the lender could continue to grow even without making acquisitions.
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