Hungary: OTP Bank’s Profits Vanished by Provisions and Taxes

Politics ♦ 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.

Profit expectations for OTP Bank were not met in the fourth quarter in 2013. / Picture: © OTP Bank

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…