EnglishOTP Bank Romania posted gross losses of 1.9 billion
forints (7.59 million EUR) in the first half of 2007, up 18.2% from the same period last year, mainly due to the bank"s expansion and an increase in personnel-related expenses, according to an OTP report to the Budapest Stock Exchange.
Net interest income rose by 67.6% to 2 billion forints (approximately 8 million EUR) in the first six months. However, the net interest margin decreased by nearly two thirds in the first half of the year, according to OTP"s financial report.
Risk costs amounted to 152 million forints (607,000 EUR), down by over 50% from 343 million forints in the corresponding period of 2006. Return on equity stood at -15.9%, gaining 4.1% from -20.0% in the same period last year. Personnel-related expenses rose by 47.5% to 2.24 billion forints (9.7 million EUR), mostly due to network expansion. The bank plans to focus on further expansion and eyes a gross profit of 70 million EUR in 2010.
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