OTP Bank Romania registered a net profit of EUR 7.8 million in the first nine months of 2014, compared to EUR 5.6 million losses reported in the same period the previous year, according to the quarterly financial report of parent-group OTP (Hungary).

The bank had an operating profit of EUR 24.7 million in the period between January and September, up 49% year-on-year. Its total revenues also increased by 17%, to EUR 56.5 million.

The bank’s total assets remained constant in the first nine months, at around EUR 1.5 billion. The gross loan portfolio was about EUR 1.4 billion, at the end of September 2014, while the deposits declined to EUR 656 million. The non-performing loans (NPL) rate slightly increased to 18.7% of the gross loan portfolio.

At the end of July, OTP Bank Romania signed an agreement with Banco Comercial Portugues on the purchase of its Romanian subsidiary, Banca Millennium. The purchase price was EUR 39 million.

As a result of the acquisition the market share of OTP Bank Romania will rise to 2.1% elevating the bank into the 11th place amongst the Romanian banks, according to OTP group’s report.

editor@romania-insider.com