OTP Bank: 2m-euro less in the first quarter

OTP Bank Romania closed the first quarter with a net loss worth 0.6 billion forints – equivalent to over two million euros – while assets reached 246 million euros, almost 38% more than in March. According to the report sent by the OTP to investors on the Budapest Stock Exchange, losses of the Romanian subsidiary accounted for half of last year”s poor results, which happened due to investments made in the expansion of the network and the increase in the number of employees. Expressed in forints, losses are 11 times higher than those seen in the first quarter of last year. Since the beginning of the year, OTP Bank Romania has opened 13 branches, so that it is currently operating 40 branches. By the end of 2006, OTP wants to open another 30 branches on the local market, with investments standing at a total 7.5 million euros. ZF