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OTP Bank Q2 consolidated profit after tax rises 17.7% YOY

Hungarian banking group OTP Bank Nyrt. reported a second-quarter consolidated profit after tax of 105.38 billion forints, up from 89.52 billion forints a year ago.

Unadjusted EPS came in at 402 forints, up from the year-ago 342 forints. Adjusted return on equity for the quarter was 23.3%, compared to 22.3% a year earlier.

Net interest income rose on a yearly basis to 170.69 billion forints from 145.88 billion forints. Net fees and commissions also grew year over year to 66.83 billion forints from 56.73 billion forints.

Provision for impairment on loan and placement losses amounted to 3.62 billion forints, compared to 93.0 million forints in the second quarter of 2018.

For the first half, the banking group reported a consolidated net profit attributable to owners of the company of 177.79 billion forints, up from 154.43 billion forints a year ago.

Consolidated gains on derivative instruments came in at 1.28 billion forints in the half, down from 6.00 billion forints a year ago.

The group's common equity Tier 1 capital ratio was 15.9% at the end of June, compared to 14.6% a year earlier and 16.5% at 2018-end. The consolidated capital adequacy ratio, under International Financial Reporting Standards, equaled 17.4% at June-end, compared to the year-ago 16.5% and 18.3% at the end of 2018.

As of Aug. 8, US$1 was equivalent to 289.37 Hungarian forints.