OTP Bank Romania said it swung back to profit in first half this year, reporting profit after tax of 586 million forints (2.02 million euros), compared to 1.2 million forints loss (4.7 million euros) a year earlier.
The 725 million forints (2.46 million euros) loss in the first quarter 2009 reported by the Romanian subsidiary of the Hungarian-based OTP was followed by a 1,311 million forints (4.59 million euros) profit in 2Q 2009.
The bank’s total income in the first half increased by 36% year-on-year, up to 9.9 billion forints (34.15 million euros) while operating expenses stagnated at 6.94 billion forints (23.9 million euros).
However, the bank’s loan loss provisions for first half this year stood at 1.985 billion forints (6.8 million euros), up 54% from a year earlier.
The total assets increased 2.5% in the first half 2009, up to 376.8 bn forints (1.38 million euros) year-on-year.
Article comments "OTP Bank Romania swings back to profit after 4.5 m euro gain in Q2"
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