OTP Bank Romania reports EUR 7.3mn losses in H1.

By bne IntelliNews August 13, 2010
The local branch of Hungarian OTP Bank reports losses of HUF 2.1bn (EUR 7.3mn) in H1 invoking sharp rise in loan loss cost - a problem that might plague the bank's financials in the coming quarters also. WE recall that OTP was among the more aggressive local banks to market CHF loans in the past years. The losses were generated in Q2 alone after the bank broke even in Q1. But the provisioning cost nearly tripled and pushed the bank into red, the bank's report reads. The revenues from operations however improved by 48% y/y in Q2 and other indicators moved in the right directions also - the stock of deposits increased by 22% y/y. Nonetheless, the bank expects that the macroeconomic circumstances generate risks for further deterioration of the assets (loan portfolio) in the coming quarters.

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