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OTP Bank Q4'17 profit rises YOY

Hungary-based OTP Bank Nyrt. reported fourth-quarter 2017 after-tax profit of 68.45 billion Hungarian forints, more than double from 26.47 billion forints in the same period in 2016.

EPS from unadjusted net earnings came in at 261 forints, up from 101 forints in the fourth quarter of 2016. Return on equity from accounting net earnings increased year over year to 16.9% from 7.5%.

Net interest income amounted to 140.52 billion forints in the fourth quarter of 2017, compared to 133.18 billion forints a year earlier. Net fees and commissions increased over the same period to 58.07 billion forints from 48.22 billion forints. The net interest margin stood at 4.38% in the fourth quarter of 2017, compared to 4.79% a year ago.

Total risk costs declined year over year to 19.12 billion forints from 47.58 billion forints, as provision for loan losses fell to 13.37 billion forints from 29.52 billion forints.

For full-year 2017, the bank reported consolidated after-tax profit attributable to owners of 281.14 billion forints, up 39% from the year-ago 202.21 billion forints.

The group's common equity Tier 1 ratio stood at 12.7% at the end of 2017, compared to 13.7% at the end of the third quarter of 2017 and 13.5% at 2016-end.

As of March 1, US$1 was equivalent to 257.26 Hungarian forints.