OTP Group announces the financial results for the first half of 2022. According to the report published in Budapest, which presents the consolidated results adjusted by the Group´s standards, OTP Bank Romania has registered a RON 14 million loss during the first semester of 2022, a result shaped mainly by the higher total risk provisions.
Operating profit in the first six months of 2022 reached RON 86 million, doubling compared to the same interval of 2021, with a positive jaw effect following a dynamic 22% surge in total revenues partially offset by a +10% increase in operational expenses. Within that, net interest income grew by 35% y-o-y, and net fees and commissions increased by 9%, whilst for operating expenses, the increase is mainly due to the investments made within the frame of the growth strategy of the bank that determined the increase y-o-y of the IT spending and a 2% increase of the average number of employees and to higher contribution paid to deposit insurance fund and resolution fund in 2022.
“First half of this year imposed, again, extraordinary conditions for the entire economy, with a macroeconomic and geopolitical context in constant flux. We have been in direct contact with the market, and we have followed closely the banking sector evolution, to provide best-in-class services and an attractive offer for our clients. So, for OTP Bank it has been another six months of development, constant investments, and organizational transformation, which in turn brought incremental improvement in our operations and operational results. All our planned investments are on track, and we are engaged in our development projects, for both team growth and operational improvements.” said Gyula Fatér, CEO of OTP Bank Romania