OTP Group s 1Q 2023 earnings showed a peculiar duality: against the customary strong performance at OTP Core during the last couple of years the Hungarian operation posted moderate. | May 12, 2023
OTP Bank, Hungary's biggest commercial lender, had consolidated after-tax profit of HUF 194.8 billion in the first quarter, improving from a HUF 33.4 bln loss in the base period, when impairment on its Russian exposure weighed, an earnings report released ahead of the opening bell on Wednesday shows.
The Russian invasion of Ukraine in early 2022 threw the business and investment environment of Central and Eastern Europe (CEE) into turmoil while, like the rest of the global economy, it was still finding its post-Covid feet. The geopolitical, macroeconomic, business and investment uncertainty created by the invasion resulted in an exceptionally challenging environment. The ramificationsThe Russian invasion of Ukraine in early 2022 threw the business and investment environment of Central and Eastern Europe (CEE) into turmoil while, like the rest of the global economy, it was still finding its post-Covid feet. The geopolitical, macroeconomic, business and investment uncertainty created by the invasion resulted in an exceptionally challenging environment. The ramifications ยป The FINANCIAL BANKS
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