Finance
banksOTP Bank sees UAH 1.99 bln loss in 2014
The loss of OTP Bank (Kyiv) reached UAH 1.99 billion in 2014, while in 2013 its profit stood at UAH 117.293 million, reads a press release of the bank.
«Due to the crisis in the Ukrainian economy and the difficult social and political situation in the country, OTP Bank saw a loss of UAH 687.9 million in Q4 2014. The loss for the four quarters of 2014 reached UAH 1.99 billion,» reads the report.
According to the report, the bank saw a loss in 2014 due to the loss of a part of banking business in Crimea and the antiterrorist operation (ATO) zone and the writing off of lost assets, hryvnia devaluation, worsening of the quality of the bank’s credit portfolio, formation of reserves to cover risks and losses from the structuring of credits taken in foreign currency.
The bank saw a rise of 21% in net interest-bearing income to almost UAH 2.3 billion. The bank’s net commission income reached UAH 100.5 million, reaching UAH 336.2 million at the end of the year.
The bank’s assets rose 14.8% to UAH 21.5 billion.
The credit portfolio of the bank expanded 13.5% to UAH 16 billion.
OTP Bank was founded in 1998. Its sole shareholder is Hungary’s OTP Bank Plc.
According to the NBU, as of October 1, 2014 in terms of total assets OTP Bank ranked 17th (UAH 21.902 billion) among the 166 banks operating in the country.
Source: Interfax-Ukraine
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