OTP Bank Rt.

OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.
  • TickerOTP
  • ISINHU0000061726
  • ExchangeBudapest Stock Exchange
  • SectorBanks
  • CountryHungary

Analysts

1 director sold

A director at OTP Bank sold 2,000 shares at 12,840.000HUF and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Hai Thanh Le Phuong

OTP Bank - Stronger And Stronger…

Net profit HUF 105.4 bln, adj. net profit HUF 112.2 bln compares with HUF 95.8/98.1 bln cons. and HUF 102/103 bln Concorde fcast (POS) Better results on risk cost, net fees (Hungarian retail bond fee, volumes) NIM erosion continues (remarkably in Russia, Ukraine), compensated by volumesà NII +5% q/q Risk cost remained low on Hungarian write-backs, Russia, Bulgaria higher Capital adequacy at 15.9%, 2.8% lower if acquisitions included Overall stellar results, yearly consensus and our estimate of HUF 348 bln for the FY seems achievable, could be better if trends remain in place     OTP ...

Research Team

Focus: Turkey macro – important update; Europe macro – noise, not action, more downside growth risks; Ciech starts preparations for production halt at Romanian plant; OTP Bank – solid set of 2Q19 results, largely in line with our forecasts

HEADLINES: • Turkey macro: important update • Europe macro: noise, not action; more downside growth risks • Ciech: starts preparations for production halt at Romanian plant NEGATIVE • OTP Bank: solid set of 2Q19 results, largely in line with our forecasts • Isbank: 2Q19 highlights NEGATIVE • MLP Care: 2Q19 adjusted EBITDA misses by 8% and a deeper net loss NEGATIVE • SOK Marketler Ticaret: 2Q19 above expectations POSITIVE • Erdemir: 2Q19 financial results - in line with our forecasts, but FCF lower qoq NEUTRAL • Petkim: 2Q19 results - EBITDA in line with expectations • Anadolu Efes: 2Q19 ...

OTP Bank NyRt: Update following the deposit rating upgrade to Baa1

Our credit view of OTP, reflecting its strong domestic franchise and significant foreign operatios, adequate capital and strong liquidity and profitability as well as improving asset risk

OTP Bank NyRt: Update following the deposit rating upgrade to Baa1

Our credit view of OTP, reflecting its strong domestic franchise and significant foreign operatios, adequate capital and strong liquidity and profitability as well as improving asset risk

OTP Bank NyRt: OTP Bank's acquisition in Moldova broadens its footprint and complements its domestic franchise, a credit positive

OTP continues to invest in well run, profitable and efficient banks outside of Hungary, in line with its plans to be a leading bank in the Central and Eastern European region.

OTP Bank NyRt: Hungary's largest bank steps up bid to be key regional player but volatile asset risk poses a challenge

OTP's latest acquisitions are a good fit and will help reduce risks from volatile loan quality.

OTP Bank NyRt: Key Facts and Statistics - H1 June 2018

A summary company profile, detailing OTP Bank NyRt’s business operations and financial highlights.

OTP Bank NyRt: Update to credit analysis

Our credit view of OTP, reflects its strong capitalization, improving profitability and asset risk, good funding and liquidity profile, and its systemic importance.

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Hai Thanh Le Phuong

OTP Bank - Stronger And Stronger…

Net profit HUF 105.4 bln, adj. net profit HUF 112.2 bln compares with HUF 95.8/98.1 bln cons. and HUF 102/103 bln Concorde fcast (POS) Better results on risk cost, net fees (Hungarian retail bond fee, volumes) NIM erosion continues (remarkably in Russia, Ukraine), compensated by volumesà NII +5% q/q Risk cost remained low on Hungarian write-backs, Russia, Bulgaria higher Capital adequacy at 15.9%, 2.8% lower if acquisitions included Overall stellar results, yearly consensus and our estimate of HUF 348 bln for the FY seems achievable, could be better if trends remain in place     OTP ...

Research Team

The Rear-View Mirror – EME markets: Another strong month for ASE index, up 7.4% mom

EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.

Hai Thanh Le Phuong

OTP Bank - Slightly Better Net Profit On Provisions, But Mainly In Line

Summary   OTP net income in Q1 HUF 72.6 bln vs. our est. HUF 70.5 bln, cons. est. HUF 69.9 bln Better results on non-int. income, risk costs NIM stable, above FY guidance, NII grows 4% q-o-q on Express Bank (SocGen Bulgaria) OPEX up 15% y-o-y, adjusted for acquisition up 11% (FY guidance 4%) Asset quality benign, risk cost q-o-q significantly lower, y-o-y higher but still at low levels in abs terms Hungarian volumes a bit weaker à should see whether temporary or not In line Q1, but FY forecast needs higher volumes, cost control and acquisitions     OTP - Instant Earnings Comme...

Robert Brzoza

OTP Bank - Moderate beat on the net level (slightly positive)

Research prepared by PKO BP Securities

1 director sold

A director at OTP Bank sold 2,000 shares at 12,840.000HUF and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Research Team

Focus: Turkey macro – important update; Europe macro – noise, not action, more downside growth risks; Ciech starts preparations for production halt at Romanian plant; OTP Bank – solid set of 2Q19 results, largely in line with our forecasts

HEADLINES: • Turkey macro: important update • Europe macro: noise, not action; more downside growth risks • Ciech: starts preparations for production halt at Romanian plant NEGATIVE • OTP Bank: solid set of 2Q19 results, largely in line with our forecasts • Isbank: 2Q19 highlights NEGATIVE • MLP Care: 2Q19 adjusted EBITDA misses by 8% and a deeper net loss NEGATIVE • SOK Marketler Ticaret: 2Q19 above expectations POSITIVE • Erdemir: 2Q19 financial results - in line with our forecasts, but FCF lower qoq NEUTRAL • Petkim: 2Q19 results - EBITDA in line with expectations • Anadolu Efes: 2Q19 ...

Research Team

Focus: keeping our BUY on Benefit Systems with a lower PT of PLN 930; Polish Pension fund reform – stocks limit in mutual funds/OFEs to be cut from 90% to 80%; Kruk’s 2Q19 investments and recoveries data; Mytilineos – new EPC project

HEADLINES: • Benefit Systems: sore muscles are not an injury (stays BUY) • Polish pension fund reform: stocks limit in mutual funds/OFEs to be cut from 90% to 80% NEUTRAL • Kruk: 2Q19 investments and recoveries data • Mytilineos: new project for the EPC division POSITIVE • PPC: CEO tenders resignation NEUTRAL • Kofola: acquires Coffee Espresso SRO in the Czech Republic NEUTRAL • OTP: sells Express Life to Groupama unit NEUTRAL • Orange Polska: 2Q19E results preview - flat yoy EBITDAaL expected (due on 24 July) NEUTRAL

Research Team

Focus: initiating on Arcelik with a BUY and Vestel Beyaz with a HOLD; Turkey macro – close to another temporary equilibrium; Richter – Vraylar milestone boosts results, otherwise a soft 1Q19; OTP Bank posts neutral set of 1Q19

HEADLINES: • Turkish white goods: quality never goes out of style (initiating on Arcelik with a BUY, and Vestel Beyaz with a HOLD) • Turkey macro: close to another temporary equilibrium • Richter: Vraylar milestone boosts results, otherwise a soft 1Q19 NEGATIVE • OTP Bank: posts neutral set of 1Q19; reflects acquisition in Bulgaria NEUTRAL • Eurocash: 1Q19 soft, but still above expectations NEUTRAL • O2 Czech Republic: 1Q19 earnings - small beat on solid cost control • Dino: 1Q19 in between consensus and our forecasts NEUTRAL • SOK Marketler Ticaret: 1Q19 a notch below expectations NEUTRAL •...

Research Team

Focus: transferring coverage of Electrica (BUY), Transelectrica (HOLD) and Transgaz (HOLD); Yapi Kredi’s 1Q19 highlights; Erste Bank posts 6% beat vs. net profit estimates in 1Q19, due to LLPs releases; Komercni Banka posts solid 1Q19

HEADLINES: • Romanian utilities: entering murky waters (Electrica stays BUY, Transelectrica & Transgaz stay HOLD – transfer of coverage) • Yapi Kredi: 1Q19 highlights POSITIVE • Erste Bank: posts 6% beat vs. net profit estimates in 1Q19, due purely to LLPs releases • Komercni Banka: posts solid 1Q19 NEUTRAL • Coca-Cola Icecek: 1Q19 review - weak numbers, with 5% beat on EBITDA; Pakistan issues continue NEUTRAL • BRD-GSG: weaker pre-provision profitability, but write-backs support bottom line • OMV: 1Q19 results, in line • OMV Petrom: 1Q19 results, no surprises • MOL: 1Q19 results • Myti...

Research Team

Focus: Russia macro – borrowing cost update; CCC’s 1Q19 prelims as weak as we had expected, but way below consensus; Jeronimo Martins’ 1Q19 results ahead of expectations on stronger lfl in Poland; AmRest’s 1Q19 preliminary sales up 30% yoy

HEADLINES: • Russia macro: borrowing cost update • CCC: 1Q19 prelims as weak as we had expected, but way below consensus • Jeronimo Martins: 1Q19 results ahead of expectations on stronger lfl in Poland POSITIVE • AmRest: 1Q19 preliminary sales up 30% yoy, 13% excluding M&A NEUTRAL • Akbank: 1Q19 results summary NEUTRAL • Erdemir: 1Q19 financial results above consensus, with strong FCF POSITIVE • Kruk: takeaways from the meeting with management, quite constructive feedback NEUTRAL • Rostelecom: refined FCF calculation for the dividend policy NEUTRAL • Czech banks: risk of special bank taxes r...

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