Hungary: OTP Bank’s Profits Vanished by Provisions and Taxes
Published: March 7, 2014; 12:14 · (Vindobona)
A decrease on the operating profit, increasing risk provisions and taxes drained almost all profits made in the fourth quarter last year.

The country’s largest independent financial institute was affected by decreasing business activity in its main markets in Russia and Ukraine. Moreover, OTP was burdened with additional penal charges and taxes.
In general, the profits expectations were not met in the fourth quarter in 2013, as announced by the bank on Friday commenting on the earnings statement. Risk provisions…

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