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UPDATE 1-OTP Bank Q1 profit beats forecast on higher revenue, low risk costs
May 12, 2017 / 5:03 AM / 4 months ago

UPDATE 1-OTP Bank Q1 profit beats forecast on higher revenue, low risk costs

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May 12 (Reuters) - Hungary’s OTP Bank says in Q1 earnings statement:

* Net profit 52.86 billion forints ($185.34 million)

* Higher than 42.76 billion analyst consensus, 34.25 billion profit in Q1 2016

* Total revenue 188.76 billion forints, vs 184.9 billion analyst forecast

* Operating costs of 100 billion forints in line with forecast

* Risk provisioning of 12.5 billion forints lower than 19 billion expected

* Hungarian operation most profitable, posting 40.85 billion forint profit (up 41 pct y/y)

* All major foreign units deliver robust results

* Biggest foreign unit, Bulgarian DSK, profit levels at 13.4 billion forints (down 3 pct y/y)

* Russian arm triples, Ukrainian arm quadruples net profit y/y

* Net interest margin stable at 4.76 pct

* Net interest income 132.2 billion forints (up 2 pct y/y)

* Income from fees and commissions 44.55 billion forints (up 15 pct y/y)

* Total loan book expands by 3 pct y/y

* Bank wrote off 145 billion forints in non-performing loans since Q1 2016

* Non-performing loan ratio falls to 14.1 pct of loan book from 17 pct a year ago

* Total performing loan book expands by 8 pct y/y

* Deposits up 6 pct y/y

* Capital adequacy ratio 18.5 pct vs 15.9 pct a year ago Source text: (bit.ly/2qaoGIT) Further company coverage: ($1 = 285.2000 forints) (Reporting by Marton Dunai)

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