OTP Bank Romania's Q1 consolidated net profit was RON two million, down 88 percent year-over-year, the financial institution said in a release on Friday.The result was influenced by the lower revenues compared to the previous quarter, the higher operating expenses, and the new tax introduced in the banking sector in 2024, which requires the bank to pay an additional 2 percent of turnover. Consequently, the payable tax is now in excess of RON 13 million compared to RON 5 million in the previous quarter.The operating profit posted for Q1 2024 was RON 45 million, by 34 percent lower compared to Q4 2023.Net interest income was 4 percent down from the previous quarter, at RON 177 million, net income from fees and commissions increased 41 percent, while other incomes were 30 percent down.The total risk cost decreased by 19 percent compared to the previous quarter, reaching RON -29 million.The volume of performing loans dipped 3 percent compared to the previous quarter, the volume of deposits decreased 2 percent from the last quarter of 2023, and the volume of corporate deposits went down 10 percent.The bank's assets expressed in accordance with the local reporting standards reached RON 19.7 billion, in line with the figure recorded in 2023.OTP Bank Romania is a subsidiary of OTP Group. After four years of steady and considerable growth in all business lines, OTP Bank Romania is moving towards a process of consolidating its portfolio and operations. In Romania, the members of OTP Group are: OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors and OTP Bank Romania Foundation.OTP Group is headquartered in Hungary and has been listed on the Budapest Stock Exchange since 1995.
Romania’s planned increase in the dividend tax rate from 10% to 16% is expected to generate RON 3.6 billion (EUR 720 million) in annual revenues, finance minister Alexandru Nazare said on June 23 following his hearing before the expert committee in Parliament. “Yes, it is an annualised amount for next year, with an impact of […]
Romania’s new government, backed by the four pro-Western parties in Parliament holding a majority of 65%, has not published its ruling strategy, while versions of it have leaked to the media, providing a broad image but not very specific details. Notably, the strategy is expected to incorporate the elements outlined in the updated fiscal plan […]
Romania's new government, headed by prime minister Ilie Bolojan and backed by the four pro-Western parties in Parliament, was endorsed with a majority of 65% of the votes (301 of 465 MPs) and already held its first meeting on Monday, June 23, according to Hotnews.ro. The endorsement...
The European Bank for Reconstruction and Development (EBRD) announced on June 23 that it has received "multiple binding offers" for the acquisition of Giurgiulesti International Free Port (PILG), Moldova's main port. Romanian and Bulgarian ports have expressed their interest in PILG in the past,...
OMV Petrom (BVB: SNP), the largest integrated energy producer in South-Eastern Europe, announced it has entered into a partnership with renewable energy company Enery to jointly develop a 400 MW photovoltaic project in Byala Slatina, near Sofia, Bulgaria. The project is estimated to cost EUR 200 million, the company confirmed on June 24. As part […]
The number of micro-enterprises in Romania has dropped significantly to 326,461 in 2024 from a peak of over nearly 900,000 in 2022, according to Profit.ro. The decline follows successive tax regime restrictions...
