OTP Bank 2009 Result Exceeded Market Consensus
OREANDA-NEWS. March 15,
Despite the sharp increase in risk costs as a result of worsening operating conditions, the Company realized HUF 151.5 billion adjusted after tax profit, which exceeded market consensus by about HUF 6 billion.
Due to the more conservative lending policy and the moderate loan demand the volume of gross consolidated loans decreased by 2% y-o-y, however in 4Q practically stagnated. Closing amount of the portfolio was HUF 6,844 billion. Within the gross loan portfolio the single most important part was the retail one (HUF 4,292 billion, 63%), the corporate book (HUF 2,162 billion) represented a smaller portion (31%). Car financing amounted to HUF 387 billion (6%). Out of retail loans mortgages represented HUF 2,703 billion, while consumer loans stood at HUF 1,149 billion.
In the last 12M HUF-based loan portfolio increase was experienced only in
Consolidated deposits grew by 8% on a yearly base; on a quarterly base it increased by 2%. The FX-adjusted base would show a similar 2% increase q-o-q.
In the past 12 months the most significant deposit growth was captured in
As a result of the modest lending activity, the consolidated loan-to-deposit ratio (121%) improved both on a quarterly and yearly base (-13% and -3% respectively). The net loan/(deposit+retail bond) liquidity ratio was 108%.
The consolidated IFRS CAR improved by 0.6%-points q-o-q, thus reached 17.5, the Tier1 ratio (13.8%) grew by 0.7%-points. Both levels are significantly higher than that of for OTP’s main competitors.
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