OTP Bank Romania records a profit after taxation of 15 million RON in Q1

OTP Bank Romania records a profit after taxation of 15 million RON in Q1.

OTP Bank Romania recorded a profit after taxation of 15 million RON in the first quarter of 2023, the level being influenced by the increase in operating expenses (+12%) and risk costs (+24%) compared to the last quarter of 2022, according to a press release of the bank, told Agerpres.

Compared to the first quarter of last year, operating expenses increased by 7% in the first three months of 2023, including an increase in the number of employees of 2.5% and an annual inflation rate of 14.5%.

"We obtained good financial results, with increases in revenues and operational profitability compared to the previous year, consolidating the bank's position in a period in which some business segments present certain challenges. In 2023 we are going in the same direction, with a portfolio of products and services constantly updated to the evolution of the local economy, in order to bring added value to clients, while we continue to work towards the goal of balanced and sustainable local growth," said Gyula Fater, CEO of OTP Bank Romania.

Net interest income increased by 10% quarter on quarter, reaching a total of 208 million RON.

The volume of performing loans decreased by 2% in the first quarter of the year compared to the previous one, following the 4% reduction in the area of retail loans, mainly due to the high proportion of early repayments.

In accordance with local reporting standards, the bank's assets reached the level of 19.6 billion RON, increasing by 6% compared to the level recorded in March 2022.