OTP Bank, Hungary’s largest bank by assets, is to release its Q3 2012 earnings report on 15 November. Analysts see a moderate year-on-year rise in OTP’s revenues, a slight decline in net interest income and higher net fee and commission income and other income. OTP’s quarterly provisions are seen at nearly HUF 60 billion. After-tax profit is estimated at around HUF 39 bn, up 10% yr/yr, which is attributable to the fact that in the base period the bank paid some of the bank tax, while in 2012 it booked the whole of the levy in Q1.
The consensus estimate for OTP’s consolidated adjusted after-tax profit came in at HUF 38.8 bn, up 5% q/q, but 9% below the base period’s figure.
The financial gain is also seen at HUF 38.8 bn, but comparison with the Q311 data is made difficult by correction items (2011 Q3: bank tax, losses suffered on the early repayment of FX mortgages, 2012 Q2: positive tax shield related to impairment of minority shares). The bank tax payable in Hungary was booked in whole in the first quarter.
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