OTP Bank's consolidated adjusted adjusted profit after tax for the last quarter of last year was in line with the average expectations at HUF 249.735 billion, 17% higher than in the same period of the previous year, according to a statement published on the website of the Budapest Stock Exchange (BSE) on Friday morning.
The fourth quarter consolidated adjusted profit after tax was 22% down on the previous quarter.
According to OTP's consolidated earnings consensus, analysts on average had forecast a profit of HUF 249.235 billion for the fourth quarter.
Consolidated adjusted adjusted profit after tax for the full year last year was HUF 1,076.139 billion, up 19% on a year earlier.
The report said all the bank's geographic segments made a profit in 2024, with foreign profit contribution of nearly 70%.
Fourth-quarter profits of nearly HUF 250 billion fell 22% quarter-on-quarter, mainly due to a surge in operating costs and risk costs, it said. The report said total risk costs in the fourth quarter were at HUF 92 billion, almost double the figure for the fourth quarter of 2023. Total risk costs for the year rose 83% to HUF 158 billion, including a 25% increase in loan impairment to HUF 90 billion.
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