Net profit of OTP Bank for January-June 2023 amounted to UAH 2 billion 854.46 million compared to net loss of UAH 783.06 million in January-June 2022, according to the unconsolidated semi-annual report of the bank.
According to it, in particular, net profit in the second quarter of this year reached UAH 1 billion 395.28 million, which is 27.1 times higher than the net profit for the same period last year.
It is indicated that net interest income for the first half of the year increased by 46.3% to UAH 4 billion 306.59 million, including in the second quarter the growth amounted to 42.5% to UAH 2 billion 154.61 million.
Meanwhile, net commission income in January-June this year increased by 35.4% to UAH 612.064 million, including in the second quarter – by 55.7% to UAH 290.32 million.
A significant contribution to the improvement of the financial result was made by the reduction of the loss from the reduction of utility in the first half of this year to UAH 314.08 million, while for the same period last year this figure amounted to UAH 3 billion 573.13 million.
Specifically, for the second quarter of 2023, the loss from utility curtailment narrowed to UAH 170.81m compared to UAH 1 billion 364.51m in the second quarter of 2022.
The bank points out that its total profit for the first half of this year reached UAH 3 billion 247.74 million against a loss of UAH 872.35 million for the first half of last year, including a total profit of UAH 1 billion 772.90 million in the second quarter-2023 against a loss of UAH 162.81 million in the second quarter-2022.
According to the report, in January-June this year, the bank’s assets grew by UAH 1.92 billion, reaching UAH 92.93 billion as of June 30.
Such growth is explained by the increase in cash and funds with the NBU from UAH 4.75 billion to UAH 9.67 billion and investments in securities – from UAH 32.85 billion to UAH 37.37 billion, while loans and advances to clients decreased from UAH 29.92 billion to UAH 23.91 billion, and debts of other banks – by UAH 1.2 billion to UAH 20.51 billion.
Customer funds of OTP Bank decreased for the first half of 2023 from UAH 77.73 billion to UAH 76.19 billion, meanwhile the bank’s capital increased from UAH 11.63 billion to UAH 14.87 billion, including retained earnings – from UAH 3.77 billion to UAH 6.62 billion.
OTP Bank, a 100% subsidiary of the Hungarian OTR Bank Plc, was the eighth among 65 Ukrainian banks in terms of total assets (UAH 103.327 billion) at the beginning of June this year. The bank has a network of 72 branches in Ukraine.
