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OTP Group

OTP's customer deposits rose 19.8% yoy to HUF 10,233,500 mil in 4Q2017

By Helgi Library - March 25, 2021

OTP Group's customer deposits reached HUF 10,233,500 mil in 2017-12-31, up 5.81% compared to the previous year. Hungarian banki...

OTP's customer deposits rose 19.8% yoy to HUF 10,233,500 mil in 4Q2017

By Helgi Library - March 25, 2021

OTP Group's customer deposits reached HUF 10,233,500 mil in 2017-12-31, up 5.81% compared to the previous year. Hungarian banki...

OTP's npls (as % of loans) rose 0.988% yoy to 6.16% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's non-performing loans reached 6.16% of total loans at the end of 2020-12-31, up from 6.10% compared to the previous ye...

Annual Quarterly LTM
Profit Statement 2018 2019 2020
Net Interest Income HUF mil 630,459 697,112 783,198
Net Fee Income HUF mil 277,676 341,602 397,633
Other Income HUF mil 139,946 163,192 145,398
Total Revenues HUF mil 1,048,080 1,201,910 1,326,230
Staff Cost HUF mil 251,041 276,754 308,642
Operating Profit HUF mil 467,115 576,119 590,946
Provisions HUF mil 39,287 49,120 200,315
Net Profit HUF mil 346,807 424,020 276,408
Balance Sheet 2018 2019 2020
Interbank Loans HUF mil 420,606 410,079 1,339,590
Customer Loans HUF mil 8,066,590 11,879,100 12,477,400
Investments HUF mil 3,740,440 4,688,400 5,034,240
Total Assets HUF mil 14,590,300 20,121,800 23,335,800
Shareholders' Equity HUF mil 1,826,660 2,291,290 2,537,110
Interbank Borrowing HUF mil 392,706 813,399 1,303,310
Customer Deposits HUF mil 11,285,100 15,171,300 17,890,900
Issued Debt Securities HUF mil 499,395 695,960 787,368
Ratios 2018 2019 2020
ROE % 20.0 20.6 11.4
ROA % 2.50 2.44 1.27
Costs (As % Of Assets) % 4.18 3.61 3.38
Costs (As % Of Income) % 55.4 52.1 55.4
Capital Adequacy Ratio % 15.3 16.3 17.7
Net Interest Margin % 4.54 4.02 3.60
Loans (As % Of Deposits) % 71.5 78.3 69.7
NPLs (As % Of Loans) % 9.49 6.10 6.16
Provisions (As % Of NPLs) % 78.9 90.6 102
Valuation 2018 2019 2020
Market Capitalisation USD mil 11,191 14,630 12,410
Number Of Shares mil 262 262 259
Share Price HUF 11,290 15,430 13,360
Price/Earnings (P/E) 8.53 9.52 12.5
Price/Book Value (P/BV) 1.62 1.76 1.36
Dividend Yield % 1.95 0 2.62
Earnings Per Share (EPS) HUF 1,324 1,620 1,069
Book Value Per Share HUF 6,974 8,757 9,809
Dividend Per Share HUF 221 0 350

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                                        
Net Interest Income HUF mil                                           640,921 553,775 522,783 557,908 630,459    
Total Revenues HUF mil                                           1,084,520 962,477 851,732 935,354 1,048,080    
Operating Profit HUF mil                                           587,883 456,630 345,033 404,517 467,115    
Net Profit HUF mil                                           118,479 91,418 187,396 284,554 346,807    
balance sheet                                                        
Interbank Loans HUF mil                                           281,006 300,568 363,530 462,180 420,606    
Customer Loans HUF mil                                           5,864,240 5,409,970 5,736,230 6,987,830 8,066,590    
Investments HUF mil                                           1,837,800 2,485,940 2,752,230 3,779,700 3,740,440    
Total Assets HUF mil                                           10,971,100 10,718,800 11,209,000 13,190,200 14,590,300    
                                                           
Shareholders' Equity HUF mil                                           1,264,170 1,233,660 1,420,650 1,640,060 1,826,660    
Interbank Borrowing HUF mil                                           708,274 533,310 543,775 472,068 392,706    
Customer Deposits HUF mil                                           7,673,480 7,984,580 8,540,580 10,233,500 11,285,100    
Issued Debt Securities HUF mil                                           549,052 474,160 224,358 326,348 499,395    
ratios                                                        
ROE % ...                                         8.54 7.32 14.1 18.6 20.0    
ROA % ...                                         1.11 0.843 1.71 2.33 2.50    
Costs (As % Of Assets) % ...                                         4.65 4.66 4.62 4.35 4.18    
Costs (As % Of Income) %                                           45.8 52.6 59.5 56.8 55.4    
Capital Adequacy Ratio %             ... ... ... ... ... ... ... ...               17.5 16.2 18.2 14.6 15.3    
Net Interest Margin % ...                                         6.00 5.11 4.77 4.57 4.54    
Interest Income (As % Of Revenues) %                                           59.1 57.5 61.4 59.6 60.2    
Fee Income (As % Of Revenues) %                                           19.9 22.2 26.2 27.9 26.5    
Staff Cost (As % Of Total Cost) %                                           41.5 37.1 37.8 40.3 43.2    
Equity (As % Of Assets) %                                           11.5 11.5 12.7 12.4 12.5    
Loans (As % Of Deposits) %                                           76.4 67.8 67.2 68.3 71.5    
Loans (As % Assets) %                                           53.5 50.5 51.2 53.0 55.3    
NPLs (As % Of Loans) %         ... ... ... ... ... ... ... ... ... ...               19.1 16.9 17.2 10.9 9.49    
Provisions (As % Of NPLs) %         ... ... ... ... ... ... ... ... ... ...               84.3 93.4 82.2 87.9 78.9    
valuation                                                        
Market Capitalisation USD mil ... ...                                       4,028 5,700 7,498 10,858 11,191    
Number Of Shares mil ... ... ... ... ... ... ... ... ...                         267 262 264 262 262    
Share Price HUF ... ...                                       3,811 6,000 8,400 10,720 11,290    
Earnings Per Share (EPS) HUF ... ... ... ... ... ... ... ... ...                         443 348 709 1,087 1,324    
Book Value Per Share HUF ... ... ... ... ... ... ... ... ...                         4,729 4,701 5,376 6,263 6,974    
Dividend Per Share HUF ... ...               ...                       145 165 192 221 221    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ...                         8.61 17.2 11.8 9.86 8.53    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ...                         0.806 1.28 1.56 1.71 1.62    
Dividend Yield % ... ...               ...                       3.80 2.75 2.29 2.06 1.95    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ...                       -18.9 -21.3 104 53.2 21.8    
Book Value Per Share Growth % ...                                         -16.3 -0.590 14.4 16.5 11.3    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                                        
Interest Income HUF mil                                           914,054 805,773 692,745 670,667 763,694    
Interest Cost HUF mil                                           273,133 251,998 169,962 112,759 133,235    
Net Interest Income HUF mil                                           640,921 553,775 522,783 557,908 630,459    
Net Fee Income HUF mil                                           215,656 213,872 222,991 261,193 277,676    
Fee Income HUF mil                                           265,392 257,431 272,235 315,606 338,081    
Fee Expense HUF mil                                           49,736 43,559 49,244 54,413 60,405    
Other Income HUF mil                                           227,944 194,830 105,958 116,253 139,946    
Total Revenues HUF mil                                           1,084,520 962,477 851,732 935,354 1,048,080    
Staff Cost HUF mil                                           206,335 187,806 191,442 213,886 251,041    
Depreciation HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         ... ... ... 38,086 21,037 21,907 30,192   ...
Other Cost HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         ... ... ... 279,955 294,220 295,044 299,733   ...
Operating Cost HUF mil                                           496,638 505,847 506,699 530,837 580,966    
Operating Profit HUF mil                                           587,883 456,630 345,033 404,517 467,115    
Provisions HUF mil                                           446,830 318,683 93,473 40,848 39,287    
Extra and Other Cost HUF mil                                           49,736 43,559 49,244 54,413 60,405    
Pre-Tax Profit HUF mil                                           91,317 94,388 202,316 309,256 367,423    
Tax HUF mil                                           -26,889 3,382 14,678 24,505 20,527    
Minorities HUF mil                                           -273 -412 242 197 89.0    
Net Profit HUF mil                                           118,479 91,418 187,396 284,554 346,807    
Net Profit Avail. to Common HUF mil                                           118,479 91,418 187,396 284,554 346,807    
Dividends HUF mil                   ...                       40,064 46,200 53,200 61,320 61,320    
growth rates                                                        
Net Interest Income Growth % ...                                         -2.33 -13.6 -5.60 6.72 13.0    
Net Fee Income Growth % ...                                         6.89 -0.827 4.26 17.1 6.31    
Total Revenue Growth % ...                                         11.9 -11.3 -11.5 9.82 12.1    
Operating Cost Growth % ...                                         6.66 1.85 0.168 4.76 9.44    
Operating Profit Growth % ...                                         16.7 -22.3 -24.4 17.2 15.5    
Pre-Tax Profit Growth % ...                                         -50.9 3.36 114 52.9 18.8    
Net Profit Growth % ...                                         -18.8 -22.8 105 51.8 21.9    
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                                                        
Cash & Cash Equivalents HUF mil                                           2,307,630 1,878,960 1,625,360 1,198,040 1,547,270    
Interbank Loans HUF mil                                           281,006 300,568 363,530 462,180 420,606    
Customer Loans HUF mil                                           5,864,240 5,409,970 5,736,230 6,987,830 8,066,590    
Retail Loans HUF mil                   ... ... ... ...                 4,955,640 4,469,920 4,095,540 4,615,350 4,973,000    
Mortgage Loans HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           2,590,330 2,333,340 2,357,610 2,456,350 2,568,640    
Consumer Loans HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           2,365,310 2,136,580 1,737,930 2,159,000 2,404,360    
Corporate Loans HUF mil                   ... ... ... ...                 1,976,250 1,897,870 2,538,320 3,111,120 3,746,350    
Investments HUF mil                                           1,837,800 2,485,940 2,752,230 3,779,700 3,740,440    
Property and Equipment HUF mil                                           206,440 193,661 193,485 237,321 253,773    
Intangible Assets HUF mil ... ... ... ... ... ... ... ... ...                         158,721 155,809 162,031 176,069 166,711    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             101,062 95,994 104,282 100,976 91,766    
Total Assets HUF mil                                           10,971,100 10,718,800 11,209,000 13,190,200 14,590,300    
                                                           
Shareholders' Equity HUF mil                                           1,264,170 1,233,660 1,420,650 1,640,060 1,826,660    
Of Which Minority Interest HUF mil                                           3,349 2,651 3,292 3,465 2,452    
Liabilities HUF mil                                           9,706,890 9,485,190 9,788,390 11,550,200 12,763,600    
Interbank Borrowing HUF mil                                           708,274 533,310 543,775 472,068 392,706    
Customer Deposits HUF mil                                           7,673,480 7,984,580 8,540,580 10,233,500 11,285,100    
Sight Deposits HUF mil         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Term Deposits HUF mil         ... ... ... ... ... ... ... ... ... ... ... ...           7,500,030 7,863,630 8,393,870 9,999,110 11,018,000   ...
Issued Debt Securities HUF mil                                           549,052 474,160 224,358 326,348 499,395    
Subordinated Debt HUF mil ... ... ... ... ... ... ... ... ...                         281,968 234,784 77,458 76,028 81,429    
Other Liabilities HUF mil                                           776,082 493,140 479,676 518,286 586,445    
asset quality                                                        
Non-Performing Loans HUF mil         ... ... ... ... ... ... ... ... ... ...               1,339,210 1,085,690 1,148,310 840,940 827,461    
Gross Loans HUF mil                                           6,993,330 6,423,590 6,680,500 7,726,630 8,719,340    
Risk-Weighted Assets HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...               6,859,440 6,576,260 6,730,470 8,389,920 9,488,920    
Total Provisions HUF mil                                           1,129,080 1,013,620 944,273 738,796 652,751    
growth rates                                                        
Customer Loan Growth % ...                                         -6.10 -7.75 6.03 21.8 15.4    
Retail Loan Growth % ...                 ... ... ... ... ...               -0.721 -9.80 -8.38 12.7 7.75    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -1.25 -9.92 1.04 4.19 4.57    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -0.135 -9.67 -18.7 24.2 11.4    
Corporate Loan Growth % ...                 ... ... ... ... ...               -9.23 -3.97 33.7 22.6 20.4    
Total Asset Growth % ...                                         5.68 -2.30 4.57 17.7 10.6    
Shareholders' Equity Growth % ...                                         -16.2 -2.41 15.2 15.4 11.4    
Customer Deposit Growth % ...                                         11.8 4.05 6.96 19.8 10.3    
ratios Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                         
ROE % ...                                         8.54 7.32 14.1 18.6 20.0    
ROTE % ... ... ... ... ... ... ... ... ... ...                       9.79 8.37 16.0 20.9 22.2    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             11.2 9.07 18.8 25.1 25.9    
ROA % ...                                         1.11 0.843 1.71 2.33 2.50    
Return on Loans %                                           1.96 1.62 3.36 4.47 4.61    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             8.33 6.80 5.19 5.35 5.23    
Costs (As % Of Assets) % ...                                         4.65 4.66 4.62 4.35 4.18    
Costs (As % Of Income) %                                           45.8 52.6 59.5 56.8 55.4    
Costs (As % Of Loans) % ...                                         8.20 8.97 9.09 8.34 7.72    
Costs (As % Of Loans & Deposits) % ...                                         3.73 3.76 3.66 3.37 3.18    
Capital Adequacy Ratio %             ... ... ... ... ... ... ... ...               17.5 16.2 18.2 14.6 15.3    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ...                         14.1 13.3 15.8 12.7 13.6    
Net Interest Margin % ...                                         6.00 5.11 4.77 4.57 4.54    
Interest Spread % ...                                         5.62 4.80 4.55 4.44 4.40    
Asset Yield % ...                                         8.56 7.43 6.32 5.50 5.50    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             15.4 14.3 12.8 12.4 11.7    
Cost Of Liabilities % ...                                         2.94 2.63 1.76 1.06 1.10    
Payout Ratio %                   ...                       33.8 50.5 28.4 21.5 17.7    
Interest Income (As % Of Revenues) %                                           59.1 57.5 61.4 59.6 60.2    
Fee Income (As % Of Revenues) %                                           19.9 22.2 26.2 27.9 26.5    
Other Income (As % Of Revenues) %                                           21.0 20.2 12.4 12.4 13.4    
Staff Cost (As % Of Total Cost) %                                           41.5 37.1 37.8 40.3 43.2    
Equity (As % Of Assets) %                                           11.5 11.5 12.7 12.4 12.5    
Equity (As % Of Loans) %                                           21.6 22.8 24.8 23.5 22.6    
Loans (As % Of Deposits) %                                           76.4 67.8 67.2 68.3 71.5    
Loans (As % Assets) %                                           53.5 50.5 51.2 53.0 55.3    
NPLs (As % Of Loans) %         ... ... ... ... ... ... ... ... ... ...               19.1 16.9 17.2 10.9 9.49    
Provisions (As % Of NPLs) %         ... ... ... ... ... ... ... ... ... ...               84.3 93.4 82.2 87.9 78.9    
Provisions (As % Of Loans) %                                           19.3 18.7 16.5 10.6 8.09    
Cost of Provisions (As % Of Loans) % ...                                         7.38 5.65 1.68 0.642 0.522    
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                         
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   1,421 1,340 1,302 1,488 1,411    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,927 4,340 4,339    
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 302 292 308    
Employees                                           35,919 31,713 38,575 41,514 41,128    
Employees Per Bank Branch ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   25.3 23.7 29.6 27.9 29.1    
Cost Per Employee USD per month                                           2,007 1,801 1,425 1,554 1,885    
Cost Per Employee (Local Currency) HUF per month                                           478,704 493,504 413,571 429,345 508,658    
Employee Turnover % ... ... ... ... ... ... ... ... ... ... ... ... ... ...         ... ... ... ... ... ... ... 32.7   ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     79.0 79.0 81.0 78.0 75.0   ...
Women (As % of Management) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30.0 19.0 19.0 29.0   ...
customer breakdown Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                         
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
                                                           
Market Value per Customer (Local Currency) HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Revenue per Customer (Local Currency) HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Net Profit per Customer (Local Currency) HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Loan per Customer (Local Currency) HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Deposit per Customer (Local Currency) HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Revenue per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Loan per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Deposit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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OTP's npls (as % of loans) rose 0.988% yoy to 6.16% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's non-performing loans reached 6.16% of total loans at the end of 2020-12-31, up from 6.10% compared to the previous year. Historically, the NPL ratio hit an all time high of 21.5% in 2014-09-30 and an all time low of 4.07% in 2008-03-31. Provisio...

OTP's net interest margin fell 10.4% yoy to 3.45% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's net interest margin amounted to 3.45% in the fourth quarter of 2020, down from 3.48% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 7.82% in 2Q2008 and an all time low of 1.89%...

OTP's net interest margin fell 10.4% yoy to 3.45% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's net interest margin amounted to 3.45% in the fourth quarter of 2020, down from 3.48% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 7.82% in 2Q2008 and an all time low of 1.89%...

OTP's customer loans rose 21.8% yoy to HUF 6,987,830 mil in 4Q2017

By Helgi Library - March 25, 2021

OTP Group's customer loans reached HUF 6,987,830 mil in 2017-12-31, up 4.38% compared to the previous year. Hungarian banking sector provided customer loans of HUF 18,127 bil in 2017-12-31, up 0.243% when compared to the last year. OTP Group accounted for...

OTP's customer loans rose 21.8% yoy to HUF 6,987,830 mil in 4Q2017

By Helgi Library - March 25, 2021

OTP Group's customer loans reached HUF 6,987,830 mil in 2017-12-31, up 4.38% compared to the previous year. Hungarian banking sector provided customer loans of HUF 18,127 bil in 2017-12-31, up 0.243% when compared to the last year. OTP Group accounted for...

OTP's costs (as % of assets) fell 17.1% yoy to 3.09% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's cost to income ratio reached 51.6% in the fourth quarter of 2020, down from 51.7% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 66.1% of income in 1Q2020 and an all time low of 38.7% in 1Q2014. ...

OTP's costs (as % of assets) fell 17.1% yoy to 3.09% in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's cost to income ratio reached 51.6% in the fourth quarter of 2020, down from 51.7% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 66.1% of income in 1Q2020 and an all time low of 38.7% in 1Q2014. ...

OTP's corporate loans rose 0.011% yoy to HUF 5,364,610 mil in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's loans reached HUF 13,312,100 mil in the fourth quarter of 2020, down from HUF 13,993,500 mil when compared to the previous quarter and up from HUF 12,573,600 mil when compared to the same period of last year. Historically, the bank’s loa...

OTP's corporate loans rose 0.011% yoy to HUF 5,364,610 mil in 4Q2020

By Helgi Library - March 25, 2021

OTP Group's loans reached HUF 13,312,100 mil in the fourth quarter of 2020, down from HUF 13,993,500 mil when compared to the previous quarter and up from HUF 12,573,600 mil when compared to the same period of last year. Historically, the bank’s loa...

OTP's net profit fell 45.9% yoy to HUF 59,732 mil in 4Q2020

By Helgi Library - March 25, 2021

OTP Group made a net profit of HUF 59,732 mil in the fourth quarter of 2020, down 45.9% when compared to the same period of last year. This implies a return on equity of 9.54%. Historically, the bank’s net profit reached an all time high of HUF 168,600 mil in 3Q2...

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OTP Bank Nyrt is a Hungary-based commercial bank. The bank remains the largest universal bank in Hungary with a roughly a 30% market share in retail banking. Following years of aggressive expansion, however, the OTP Group currently operates in 8 countries of the CEE region, namely in Slovakia, Bulgaria, Serbia, Romania, Croatia, Ukraine, Montenegro and Russia. In 2012, OTP Group had more than 36,000 employees and served approximately 13 mil clients through over 1,400 branches. The bank went public in 1995, and the share of the state in the bank capital decreased to one preferential golden share, which also eliminated shortly thereafter. OTP has a high free float accounting for two thirds of its shares. Among the main minority shareholders are one of the Forbes billionaire Megdet Rahimkulov, Hungarian MOL and French Groupama

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Finance

OTP Group has been growing its revenues and asset by 4.50% and 9.08% a year on average in the last 10 years. Its loans and deposits have grown by 6.35% and 11.9% a year during that time and loans to deposits ratio reached 69.7% at the end of 2020. The company achieved an average return on equity of 13.0% in the last decade with net profit growing 7.60% a year on average. In terms of operating efficiency, its cost to income ratio reached 55.4% in 2020, compared to 51.1% average in the last decade.

Equity represented 10.9% of total assets or 20.3% of loans at the end of 2020. OTP Group's non-performing loans were 6.16% of total loans while provisions covered some 102% of NPLs at the end of 2020.

Valuation

OTP Group stock traded at per share at the end of 2020 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 17.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.5x and price to book value (PBV) of 1.36x in 2020.

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