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 National Company for Road Infrastructure Administration (CNAIR) has announced plans to equip highways A1, A2, and A3, as well as national road DN1 with surveillance cameras, with the investment valued at RON 220 million (EUR 44.2 million) excluding VAT. The cameras will allow authorities to penalize drivers who exceed speed limits and detect other […]
Accor, a global leader in hospitality, proudly announces the opening of Swissôtel Poiana Brașov, introducing the Swissôtel brand to Romania for the first time. Located in the heart of Poiana Brașov, Romania’s most popular ski resort, the hotel is surrounded by the lush landscapes of the Postăvarul Massif, making it an ideal escape for skiers, […]
Romanian MEP Siegfried Mureșan (EPP/PNL) has been appointed by the political groups of the European Parliament as the chief negotiator for the future Multiannual Financial Framework (MFF) of the European Union post-2027. Mureșan, who was chief negotiator for the EUR 800 billion European Recovery and Resilience Mechanism and the 2018 and 2024 EU annual budgets, […]
Romania is failing to capitalize on strong positive private consumption and investments because of rising imports, which weigh visibly on economic growth, ING Bank analysts wrote in a note as they lowered their 2024 growth forecast from 2.0% to 1.3% on Friday, September 6. The detailed economic...
Romanian prime minister Marcel Ciolacu had a meeting with Israeli counterpart Benjamin Netanyahu in Jerusalem on Thursday, September 5. During the meeting, Ciolacu highlighted the importance of peace in the Middle East. The Romanian and Israeli prime ministers discussed economic cooperation projects, focusing on the defense industry, tourism, and Romania's agri-food exports. "We have dynamic […]
Romania’s gross domestic product (GDP) increased by 0.8% in the second quarter of 2024 compared with the same quarter of last year, based on both unadjusted data series and seasonally adjusted data series, the National Statistics Office (INS) announced on Friday, September 6. For the first half of 2024, Romania’s GDP recorded an annual growth […]
