OTP reassured by RoBank profit

RoBank, recently bought by the largest Hungarian bank OTP, derived gross profit of about 2.4 million euros in H1. The net interest returns however dropped by 12%, in line with IAS. “Results posted in the first half of 2004 confirm our confidence that the acquisition of RoBank was a well-grounded decision,” stated OTP Bank deputy general manager, Laszlo Wolf. He says the strategy to be applied by the company, based on the consolidation of the retail segment and project finance, will entail solid new performances, and the bank will reach a market share of 4-5% over the next 3-5 years. In July, OTP paid $47.5m to acquire the majority stake in RoBank. The bank’s officials said they planned to invest about 100 million dollars in Romania over the following five years. The transaction was finalised in June 30, 2004. ZF