JSC OTP Bank reports UAH 321 million profit in 2011

 

The bank’s total financial result for the reported year comprised UAH 321 million according to the National Accounting Standards. The bank managed to achieve such performance results due to improving loan portfolio quality, reducing operating and administrative expenses, but it was foremost predetermined by the bank’s success in retaining the significant customer base while keeping on resuming the active operations, and lending in particular.

The Bank's total loan portfolio remained almost unchanged as compared to 2010 and amounted to UAH 20.1 bln (including reserves). The volume of loans granted to economic entities increased by 11% with the corporate loan portfolio amounting to UAH 12.9 bln (including reserves) by the end of the year. At the same time, the total amount of loans to individuals decreased by 27 % with the PI loan portfolio having decreased to UAH 7.2 bln (including reserves).

The bank’s balances of legal entities has been showing growth throughout the year, and reached UAH 4.2 bln as of December 31, 2011, while the amount of PI deposits attracted by the Bank also increased and reached UAH 4.5 bln vs. UAH 3.9 bln last year.

At the end of 2011 the total liabilities of OTP Bank made up UAH 19.4 bln vs. UAH 21.3 bln last year (according to the balance sheet as of December 31, 2011). Reduction of the Bank’s liabilities is due to the repayment of interbank borrowings and subordinated debt. Total for the year the Bank's liabilities under the funds acquired from foreign markets, reduced by UAH 1.9 bln and subordinated debt – by UAH 0.1 bln.

"We are confident that our 2012 results will be even better, with the bank’s profit to exceed the benchmark of UAH 300 million," — said Mr. Tamas Hak-Kovacs, Chairman of the Board of JSC OTP Bank. According to him, this objective will be supported by the bank's new strategy aimed at offering the market the most variable and highly demanded loan products — both for private individuals and corporate customers. "I would like to emphasize that we remain committed to a universal banking model, taking both retail and corporate clients for equally important priorities. I expect the bank to quickstep to new peaks in 2012, which will be largely achieved due to close and proactive cooperation with the corporate segment,"— highlighted the Chairman.

The regulatory capital of JSC OTP Bank as of the end of 2011 amounted to UAH 4.2 bln, with the regulatory capital adequacy ratio established at the level of 19.33%.

Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.

In Ukraine, JSC OTP Bank is captaining a financial group, which includes OTP Capital Asset Management Company, OTP Leasing LLC, OTP Pension Funds Administrator LLC, OTP Credit LLC, and OTP Factoring Ukraine LLC.

Published: 25.04.2012