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OTP Bank Q2 after-tax profit rises YOY

Budapest-based OTP Bank Nyrt. reported unaudited consolidated net comprehensive income attributable to equity holders of 60.54 billion Hungarian forints for the second quarter, down from 71.30 billion forints in the year-ago period.

Unadjusted net EPS for the quarter amounted to 308 forints, compared to 271 forints a year earlier.

Consolidated after-tax profit increased to 80.70 billion forints from the year-ago 71.94 billion forints. Excluding the effects of total positive adjustments of 2.44 billion forints in the period, which was down from 15.39 billion forints a year ago, consolidated adjusted after-tax profit for the period was 78.26 billion forints, up from 56.54 billion forints a year earlier.

Net interest income rose on a yearly basis to 136.93 billion forints from 129.07 billion forints; net fees and commissions also increased, to 53.76 billion forints from 43.52 billion forints.

Total risk costs amounted to 9.83 billion forints, down from the year-ago 12.07 billion forints. Provisions for loan losses declined to 6.15 billion forints from 13.88 billion forints.

ROE from adjusted net earnings was 21.3%, compared to 18.0% a year ago.

For the first half, attributable net comprehensive income totaled 129.43 billion forints, up from 116.54 billion forints a year earlier, as provision for loan losses more than halved year over year to 16.79 billion forints from 34.62 billion forints.

The group's Basel III common equity Tier 1 capital ratio stood at 14.1% at June-end, compared to 16.0% at the end of March and 13.5% at 2016-end.

As of Aug. 10, US$1 was equivalent to 260.32 Hungarian forints.