DOCSLIB.ORG

Half-Year Financial Report First Half 2021 Result (English Translation of the Original Report Submitted to the Budapest Stock Exchange)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Half-Year Financial Report First Half 2021 Result (English Translation of the Original Report Submitted to the Budapest Stock Exchange) OTP Bank Plc. Half-year Financial Report First half 2021 result (English translation of the original report submitted to the Budapest Stock Exchange) Budapest, 12 August 2021 HALF-YEAR FINANCIAL REPORT – FIRST HALF 2021 RESULT CONSOLIDATED FINANCIAL HIGHLIGHTS1 AND SHARE DATA Main components of the adjusted Statement 1H 2020 1H 2021 Y-o-Y 2Q 2020 1Q 2021 2Q 2021 Q-o-Q Y-o-Y of recognised income, in HUF million Consolidated after tax profit 74,598 215,148 188% 78,670 93,334 121,814 31% 55% Adjustments (total) -39,456 -31,138 -21% -3,552 -23,955 -7,182 -70% 102% Consolidated adjusted after tax profit 114,054 246,286 116% 82,222 117,289 128,997 10% 57% without the effect of adjustments Pre-tax profit 128,696 289,250 125% 92,846 138,400 150,850 9% 62% Operating profit 258,200 307,495 19% 131,016 146,942 160,553 9% 23% Total income 568,074 617,605 9% 284,200 301,131 316,474 5% 11% Net interest income 394,763 413,799 5% 194,482 203,227 210,573 4% 8% Net fees and commissions 135,820 152,219 12% 66,586 71,899 80,320 12% 21% Other net non-interest income 37,492 51,587 38% 23,132 26,005 25,582 -2% 11% Operating expenses -309,874 -310,110 0% -153,184 -154,189 -155,921 1% 2% Total risk costs -130,744 -18,245 -86% -39,051 -8,542 -9,703 14% -75% One off items 1,240 - 880 - - Corporate taxes -14,642 -42,965 193% -10,624 -21,111 -21,853 4% 106% Main components of the adjusted balance 2020 1H 2021 YTD 2Q 2020 1Q 2021 2Q 2021 Q-o-Q Y-o-Y sheet, closing balances in HUF million Total assets 23,335,841 24,550,723 5% 21,790,154 24,307,608 24,550,723 1% 13% Total customer loans (net, FX adjusted) 13,231,859 14,065,940 6% 12,905,561 13,457,557 14,065,940 5% 9% Total customer loans (gross, FX 14,050,781 14,904,741 6% 13,649,720 14,290,987 14,904,741 4% 9% adjusted) Performing (Stage 1+2) customer loans 13,246,866 14,099,828 6% 12,849,450 13,479,112 14,099,828 5% 10% (gross, FX-adjusted) Allowances for possible loan losses (FX -818,922 -838,801 2% -744,159 -833,430 -838,801 1% 13% adjusted) Total customer deposits (FX adjusted) 17,550,310 18,258,677 4% 16,351,568 18,018,366 18,258,677 1% 12% Issued securities 464,214 497,045 7% 401,829 481,406 497,045 3% 24% Subordinated loans 274,704 267,378 -3% 271,478 275,906 267,378 -3% -2% Total shareholders' equity 2,537,112 2,696,923 6% 2,380,263 2,637,055 2,696,923 2% 13% Indicators based on adjusted earnings 1H 2020 1H 2021 Y-o-Y 2Q 2020 1Q 2021 2Q 2021 Q-o-Q Y-o-Y ROE (from accounting net earnings) 6.4% 16.7% 10.3%p 13.5% 14.8% 18.5% 3.7%p 5.0%p ROE (from adjusted net earnings) 9.8% 19.1% 9.3%p 14.1% 18.6% 19.6% 1.0%p 5.5%p ROA (from adjusted net earnings) 1.1% 2.1% 1.0%p 1.5% 2.0% 2.1% 0.1%p 0.6%p Operating profit margin 2.45% 2.58% 0.13%p 2.44% 2.51% 2.65% 0.14%p 0.20%p Total income margin 5.39% 5.18% -0.21%p 5.30% 5.14% 5.22% 0.07%p -0.08%p Net interest margin 3.75% 3.47% -0.28%p 3.63% 3.47% 3.47% 0.00%p -0.15%p Cost-to-asset ratio 2.94% 2.60% -0.34%p 2.86% 2.63% 2.57% -0.06%p -0.28%p Cost/income ratio 54.5% 50.2% -4.3%p 53.9% 51.2% 49.3% -1.9%p -4.6%p Provision for impairment on loan and placement losses-to-average gross loans 1.73% 0.14% -1.59%p 0.92% 0.28% 0.02% -0.26%p -0.91%p ratio Total risk cost-to-asset ratio 1.24% 0.15% -1.09%p 0.73% 0.15% 0.16% 0.01%p -0.57%p Effective tax rate 11.4% 14.9% 3.5%p 11.4% 15.3% 14.5% -0.8%p 3.0%p Net loan/(deposit+retail bond) ratio (FX 79% 77% -2%p 79% 75% 77% 2%p -2%p adjusted) Capital adequacy ratio (consolidated, IFRS) 16.3% 18.1% 1.8%p 16.3% 17.9% 18.1% 0.2%p 1.8%p - Basel3 Tier 1 ratio - Basel3 13.9% 15.9% 1.9%p 13.9% 15.6% 15.9% 0.3%p 1.9%p Common Equity Tier 1 ('CET1') ratio - 13.9% 15.9% 1.9%p 13.9% 15.6% 15.9% 0.3%p 1.9%p Basel3 Share Data 1H 2020 1H 2021 Y-o-Y 2Q 2020 1Q 2021 2Q 2021 Q-o-Q Y-o-Y EPS base (HUF) (from unadjusted net 286 839 193.1% 304 364 474 30% 56% earnings) EPS diluted (HUF) (from unadjusted net 286 838 193% 303 364 474 30% 56% earnings) EPS diluted (HUF) (from adjusted net 437 961 120% 317 458 503 10% 59% earnings) Closing price (HUF) 11,020 15,955 45% 11,020 13,200 15,955 21% 45% Highest closing price (HUF) 15,630 14,360 -8% 11,830 14,360 13,560 -6% 15% Lowest closing price (HUF) 8,010 12,920 61% 8,010 12,920 13,560 5% 69% Market Capitalization (EUR billion) 8.7 12.7 47% 8.7 10.2 12.7 25% 47% Book Value Per Share (HUF) 8,501 9,632 13% 8,501 9,418 9,632 2% 13% Tangible Book Value Per Share (HUF) 7,636 9,020 18% 7,636 8,793 9,020 3% 18% Price/Book Value 1.3 1.7 28% 1.3 1.4 1.7 18% 28% Price/Tangible Book Value 1.4 1.8 23% 1.4 1.5 1.8 18% 23% P/E (trailing, from accounting net earnings) 10.0 11.2 12% 10.0 10.4 11.2 8% 12% P/E (trailing, from adjusted net earnings) 9.3 10.1 8% 9.3 9.3 10.1 8% 8% Average daily turnover (EUR million) 27 17 -36% 27 16 18 13% -33% Average daily turnover (million share) 0.9 0.4 -50% 1.0 0.4 0.4 0% -56% 1 Structural adjustments made on consolidated IFRS profit and loss statement and balance sheet, together with the calculation methodology of adjusted indicators, are detailed in the Supplementary data section of the Report. 2/78 HALF-YEAR FINANCIAL REPORT – FIRST HALF 2021 RESULT ACTUAL CREDIT RATINGS S&P GLOBAL OTP Bank and OTP Mortgage Bank – FX Long term credit rating BBB MOODY'S OTP Bank – FX long term deposits Baa1 OTP Bank – Subordinated Foreign Currency Debt Ba1 OTP Mortgage Bank – Covered mortgage bond A2 FITCH OTP Bank Russia – Long term credit rating BB+ ACTUAL ESG RATINGS AWARDS In the Euromoney Awards for Excellence 2021 OTP Bank received the “Best Bank in Central and Eastern Europe” award. In addition, the Bank won the title of “Best Bank in Hungary” and its subsidiaries also proved to be the best in Bulgaria, Montenegro and Albania. SHARE PERFORMANCE HUF 19,000 OTP Bloomberg EMEA Banks Index (relative to OTP) 17,000 CECE Banking Sector Index (relative to OTP) 15,000 13,000 11,000 9,000 7,000 31/12/2019 31/03/2020 30/06/2020 30/09/2020 31/12/2020 31/03/2021 30/06/2021 3/78 HALF-YEAR FINANCIAL REPORT – FIRST HALF 2021 RESULT HALF-YEAR FINANCIAL REPORT – OTP BANK’S RESULTS FOR FIRST HALF 2021 The Summary of the first half 2021 results of OTP Bank Plc. has been prepared on the basis of its non-audited separate and consolidated IFRS financial statements for 30 June 2021 or derived from that. However, for the purpose of including the group level consolidated profit of the quarter in the regulatory capital and to comply with the provisions of Article 26 (2) of CRR, OTP Bank provides the documents specifically prepared for this purpose as predefined in the legislation (OTP Group management representation letter, special purpose review report) to the Supervisory Authority in due time (until the pre-determined deadline). EXECUTIVE SUMMARY: SUMMARY OF THE FIRST HALF AND SECOND QUARTER 2021 Following the favourable 1Q GDP growth (+2% According to the report published by the NBH on q-o-q) the annual forecasts for 2021 moved up 2 August, in 1H 2021 the dynamic expansion of significantly and currently analysts, the government household loan volumes continued, whereas the y- and the National Bank of Hungary (NBH) anticipate o-y growth of corporate exposures moderated to around 6% or even higher growth rate with an all- single digit pace. Household loans expanded by time high expansion in 2Q. 15.5%, true that the payment moratorium also played a role containing principal amortization. The faster than expected economic rebound was Corporate exposures grew by 5.8% y-o-y. Within the equally supported by the intensive vaccination retail segment one of the main engines was still the campaign, as well as by targeted governmental and subsidized baby loans; total sector level volumes central bank measures.
Load more

Recommended publications
  • The School Year 2020-2021 in Romania During the Pandemic
    The school year 2020-2021 in Romania during the pandemic Country Report Velicu, Anca 2021 This publication is a Technical report by the Joint Research Centre (JRC), the European Commission’s science and knowledge service. It aims to provide evidence-based scientific support to the European policymaking process. The scientific output expressed does not imply a policy position of the European Commission. Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use that might be made of this publication. For information on the methodology and quality underlying the data used in this publication for which the source is neither Eurostat nor other Commission services, users should contact the referenced source. The designations employed and the presentation of material on the maps do not imply the expression of any opinion whatsoever on the part of the European Union concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Contact information Name: Yves Punie Address: Calle Inca Garcilaso 3, 41092 Spain Email: [email protected] Tel.: +34 9544-88229 JRC125444 PDF ISBN 978-92-76-38102-0 doi:10.2760/855006 Luxembourg: Publications Office of the European Union, 2021 © European Union, 2021 The reuse policy of the European Commission is implemented by the Commission Decision 2011/833/EU of 12 December 2011 on the reuse of Commission documents (OJ L 330, 14.12.2011, p. 39). Except otherwise noted, the reuse of this document is authorised under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence (https://creativecommons.org/licenses/by/4.0/).
    [Show full text]
  • Opinion of the Hungarian Population on the Reform of Beverage Packaging Deposit-Refund System
    sustainability Article Opinion of the Hungarian Population on the Reform of Beverage Packaging Deposit-Refund System Anita Boros 1,Róbert Kurdi 2, Zoltán Pál Lukács 3,*, Attila Sarkady 2 and Zsuzsanna Banász 4 1 Department of Environmental Engineering, Audi Hungaria Faculty of Vehicle Engineering, Széchenyi István University, H-9026 Gy˝or, Hungary; [email protected] 2 Sustainability Solutions Research Lab, University of Pannonia, H-8200 Veszprém, Hungary; [email protected] (R.K.); [email protected] (A.S.) 3 Circular Economy Center of Competence, University of Pannonia, H-8200 Veszprém, Hungary 4 Department of Quantitative Methods, University of Pannonia, H-8200 Veszprém, Hungary; [email protected] * Correspondence: [email protected]; Tel.: +36-30-625-9059 Abstract: The research subject is the deposit-refund system of beverage packaging (PET, glass and aluminium) in Hungary, which is under development. For the success of the planned system, it is important to consider the population’s opinion. Therefore, data from a primary questionnaire survey were used for the analyses. This questionnaire was conducted in 2020 and resulted in an evaluable sample of 20,430 people. The study aims to answer the following research questions (Q). Q1. Does the reform of the beverage packaging deposit-refund system in Hungary have a raison d’être? Q2. What are the demographic characteristics (gender, type of residence, qualification) of those who would redeem beverage packaging in their households if the state paid for it? Q3. Do the demographic characteristics and/or the environmental attitudes of individuals significantly influence their perceptions of the planned new system, and how strong is the relationship between Citation: Boros, A.; Kurdi, R.; them? As for the method for answering the research questions, descriptive statistics and relationship Lukács, Z.P.; Sarkady, A.; Banász, Z.
    [Show full text]
  • The School Year 2020-2021 in Hungary During the Pandemic
    The school year 2020-2021 in Hungary during the pandemic Country report Monostori, Judit 2021 This publication is a Technical report by the Joint Research Centre (JRC), the European Commission’s science and knowledge service. It aims to provide evidence-based scientific support to the European policymaking process. The scientific output expressed does not imply a policy position of the European Commission. Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use that might be made of this publication. For information on the methodology and quality underlying the data used in this publication for which the source is neither Eurostat nor other Commission services, users should contact the referenced source. The designations employed and the presentation of material on the maps do not imply the expression of any opinion whatsoever on the part of the European Union concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Contact information Name: Yves Punie Address: Calle Inca Garcilaso 3, 41092 Spain Email: [email protected] Tel.: +34 9544-88229 EU Science Hub https://ec.europa.eu/jrc JRC125455 PDF ISBN 978-92-76-38671-1 doi:10.2760/062696 Luxembourg: Publications Office of the European Union, 2021 © European Union, 2021 The reuse policy of the European Commission is implemented by the Commission Decision 2011/833/EU of 12 December 2011 on the reuse of Commission documents (OJ L 330, 14.12.2011, p. 39). Except otherwise noted, the reuse of this document is authorised under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence (https://creativecommons.org/licenses/by/4.0/).
    [Show full text]
  • Monetary, Macroprudential, and Fiscal Policy
    EMERGING EUROPEAN ECONOMIES AFTER THE PANDEMIC László Mátyás, Editor Foreword Use the template foreword.tex together with the document class SVMono (monograph- type books) or SVMult (edited books) to style your foreword. The foreword covers introductory remarks preceding the text of a book that are written by a person other than the author or editor of the book. If applicable, the foreword precedes the preface which is written by the author or editor of the book. Place, month year Firstname Surname v Preface Between 2004 and 2013, eight Central and Eastern European countries with an overlapping historical background (Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Slovakia, and Slovenia), joined the European Union. These Emerging European Economies (EEE) have since gone through radical, uneven, and some- times controversial, economic, social and political changes, which are not yet fully appreciated or understood. Some of them should even be considered advanced rather than emerging economies. The success of these countries will have a fundamental effect on the future of the European Union (EU) with far reaching consequences well beyond their borders. It is therefore of paramount importance to understand the events and phenomena they have been experiencing. Although there are a large num- ber of articles, studies, and papers available on these economies, information and analyses are frequently partial, superficial, incomplete and no more than distorted political and policy noise. Based on wide comparative data analysis, the main aims of this volume are to provide reliable information about the state of the economy in the EEE before the unprecedented Covid pandemic, and to identify the main problems, difficulties, similarities, and differences between them.
    [Show full text]