OTP achieved a profit of 355 billion forints in three months

OTP Bank reported a consolidated after-tax profit of 355 billion HUF for Q3, marking a 7% increase year-on-year and a 16% rise from the previous quarter. Analysts had expected an average profit of 329.246 billion HUF for this period. The bank criticized the ongoing interest rate cap and considers the issue of foreign currency loans resolved. Three factors contributed to a 50 billion HUF improvement in normalized results, including operations of its Slovenian subsidiary and supported housing loans. The Slovenian bank was transferred directly to OTP, resulting in a one-time positive tax effect of approximately 39 billion HUF. The normalized after-tax profit for the first three quarters of the year increased by 1% to 887 billion HUF, with foreign subsidiaries contributing 70%.