OTP Bank Romania announces the financial results for the first semester of 2024

2024-08-09 - Events, News, OTP Group
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As of July 30 2024, OTP Bank Romania is owned by Banca Transilvania and is no longer affiliated with OTP Group. The OTP brand is used under a temporary license. Visit the Questions and Answers section for more information.

OTP Bank Romania announces the financial results for the first semester of 2024

 

  • On 9 February 2024, OTP Bank Plc. concluded the agreement for the sale of its 100% direct and indirect stake in OTP Bank Romania. The transaction also includes the subsidiaries OTP Leasing Romania and OTP Asset Management. 
  • On 30 July 2024, the transaction has been financially closed, and OTP Bank Romania S.A. became part of the Banca Transilvania Group. 
  • OTP Group has also sold its 100% stake in OTP Leasing Romania IFN S.A. to Banca Transilvania Group as part of the transaction. The acquisition of OTP Asset Management S.A.I. S.A. will be completed at a later date, subject to the approval of the relevant regulatory authority. 
  • The consolidated net profit was RON 26 million. The higher profit in the second quarter was due to the reduction in operating expenses by 22%, while total revenues decreased by 3%.
  • Operating profit reached RON 122 million, 2% above the level of the same period last year. 
  • Deposits increased by 18% in the retail segment compared to the first half of 2023, and the corporate segment recorded a decrease of 5%.
     

București, 09.08.2024: OTP Bank Romania, part of the Banca Transilvania Group as of July 30, 2024, announces the financial results for the first half of 2024, reported in accordance with OTP Group's reporting standards.

The operating profit recorded in the first half of 2024 was RON 122 million, 2% above the result of the first half of last year.

Net interest income decreased by 21% to RON 345 million as a result of loan volume erosion in previous quarters. Net fees and commissions increased by 10% in local currency, while other revenues returned to positive territory, in contrast to the first half of the previous year. 

The volume of performing loans decreased by 4% in the second quarter compared to the same period last year to RON 13.4 billion and by 2% compared to the previous quarter, amid the decrease in the loan portfolio in the corporate sector, while the volume of mortgage loans was constant.

The volume of deposits increased by 9% compared to the second quarter of 2023. Deposits in the retail segment increased by 18% while the corporate sector decreased by 5%. In the second quarter, the volume of deposits in the retail segment remained stable and corporate deposits decreased by 11%, compared to the first quarter of 2024.

In line with local reporting standards, the bank's assets reached RON 19.1 billion, down 2% compared to the first half of 2023.   
The bank's capital adequacy ratio reached 23.5% (+238 bps year-on-year), influenced by higher equity.
OTP Bank Romania's full results are presented in the table below and are reported in accordance with OTP Group's reporting standards: 
 

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