By Veronika Gulyas
BUDAPEST--OTP Bank Nyrt. (OTP.BU), Hungary's largest bank,
Friday posted a 10% rise in second-quarter net profit as strong net
fees and results of foreign subsidiaries offset higher loan-loss
provisions.
Consolidated net profit was 41.1 billion forints (183 million)
in the second quarter, compared with HUF37.3 billion a year
earlier, well above the HUF34.4 billion profit forecast in a poll
of 21 analysts provided by the company. That translated into
earnings of HUF153 a share, compared with HUF139 a year
earlier.
OTP's foreign subsidiaries' results helped the group-level
bottom line, with Russian and Bulgarian operations outperforming,
while loss-making Serbian and Montenegrin operations gradually
narrowed losses.
OTP is Hungary's largest bank by assets and market share. Its
shares closed down 0.8% Thursday at HUF3,745.
Write to Veronika Gulyas at veronika.gulyas@dowjones.com