Hungary's OTP Bank boosts profits

BUDAPEST, March 7 (Reuters) - Hungary's biggest bank, OTP Bank increased its net profit last year to more than 1,076 billion forints ($2.9 billion), bolstered by its business with Russia where profits increased by more than 40% to 137 billion forints ($373 million).

The jump in business in Russia at OTP, the former communist-era state savings bank, is a further lift for Hungary's largest independent lender, whose business at home prospered from higher interest rates despite an economic slowdown.

OTP's core Hungarian business saw its net profit in 2024 rise by 16% to 270 billion forints ($735 million), as net interest income jumped.

($1 = 367.6600 forints)