OTP Brings Forward Guidance Horizon as Russia, Ukraine Improve
- Strong performance in Russia, Ukraine boost bottom line
- Lender to meet 15% ROE target this year instead of 2017
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OTP Bank Nyrt. expects to meet its profit guidance earlier than forecast as the improving performance of its Russian and Ukrainian units helps support the bottom line.
Net income at Hungary’s largest listed company surged 88 percent from a year earlier to 71.9 billion forint ($258 million) in the April-June period, helped by a 42 percent quarterly drop in risk costs and a 13.2 billion forint one-time gain on the sale of a stake in the Visa Europe network. The lender may meet its target of a return on equity above 15 percent already in 2016 rather than 2017 as earlier forecast, OTP said on Friday.