English"OTP Bank" Nyrt., the largest commercial bank in Hungary, made a profit of 20.4 billion forint (USD 104 million) in the last quarter of 2009, from a loss of 60.7 billion forint one year ago. Analysts were expecting a profit of only 15.4 billion forint.
Sales of "OTP Bank" dropped 4%, to 203 billion forint.
The Hungarian bank set up provisions worth 79.8 billion forint for non-performing loans during the reporting period.
OTP officials are expecting the bank"s loan portfolio to grow almost 5% this year, and the deposit portfolio to grow less than 5%.
"The quality of the loans of the group is stabilizing", said the chairman of OTP, Sandor Csany, who added that, in some of the countries where the bank operates, the situation of loans is improving, while it stagnates in other countries.
OTP has liquidity reserves of 6 billion Euros.
OTP owns subsidiaries in eight countries of Central and Eastern Europe, including Russia and Ukraine. The Hungarian group operates in Romania through its subsidiary, "OTP Bank" Romania.
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