OTP Bank publishes financial results for the first nine months of 2024
- - OTP Bank Moldova recorded a net profit of 472 million lei in the first nine months of 2024, generating a return on assets of 3.25% and a return on capital of 20.34%.
- - Operating profit reached MDL 519.1 million.
- - Net interest income totaled 551.6 million MDL, down 17% compared to the same period last year, as a result of the decrease in the average base rate from 11.7% in 9 months of 2023 to 3.9 % in 9 months of the year. 2024.
- - The bank ranks in the top 4 on the market by the volume of loans.
OTP Bank Moldova recorded a net profit of MDL 472 million in the period January - September 2024, supported by solid revenues and optimal administrative expenses.
The operating profit recorded in the first three quarters of 2024 was MDL 519.1 million, down 8.3% compared to the same period last year, determined by the decrease in interest income directly influenced by monetary policy. At the same time, the bank maintained an adequate level of operational expenses, which followed an increase below the inflation
rate.
The rate of non-performing loans increased by 1 percentage point compared to the end of 2023 (or an increase of 15 basis points compared to the second quarter of 2024), determined by the recovery of lending in an improved macroeconomic climate.
The bank remains among the four largest in the country by loan volume, focusing on sustainable lending and the efficient use of resources, both of depositors and of international financial institutions.
According to local reporting standards, the bank's assets reached the level of MDL 21.4 billion in the 3rd quarter of 2024, increasing by 5% compared to the previous quarter and positioning itself at a level similar to that recorded at the end of 2023, due to effective management of assets and liabilities.
OTP Bank Moldova recorded solid profitability, recording a return on assets of 3.25% (system average 2.40%) and a return on equity of 20.34% (system average 14.55%).
The bank's capital adequacy ratio reached 24.43% (-0.81 percentage points compared to the end of 2023), as a result of the relaunch of lending boosted by economic growth.
The OTP Group closed the period from January to September with a consolidated profit after tax exceeding EUR 2,112 million and a ROE of 24.9%. All geographical segments were profitable in the first nine months of the year, while the foreign contribution reached 69% to the Group's consolidated profit.
OTP Group’s complete financial report can be accessed here.
