OTP BANK NYRT. Strategy and Finance Division
Investor Relations
Reference number: IR-097/2024 4 April 2024
OTP Bank Plc.
Relevant information of the consolidated and separate financial statements for the year ended 2023
According to paragraph 3:272 (3) of Act V., 2013 on the Civil Code, and with regard to the Annual General Meeting to be held on 26 April 2024 the Board of Directors of the OTP Bank Plc. releases the relevant information of the consolidated and separate financial statements prepared in accordance with International Financial Reporting Standards for the year ended 2023, and the report on relevant information of the Board of Directors and the Supervisory Board hereunder.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
(in HUF mn)
2023 | 2022 | |
Cash, amounts due from banks and balances with the National Banks | 7,125,049 | 4,221,392 |
Placements with other banks | 1,566,998 | 1,351,082 |
Repo receivables | 223,884 | 41,009 |
Financial assets at fair value through profit or loss | 288,885 | 436,387 |
Securities at fair value through other comprehensive income | 1,601,461 | 1,739,603 |
Securities at amortized cost | 5,249,272 | 4,891,938 |
Loans at amortized cost | 17,676,533 | 16,094,458 |
Loans mandatorily at fair value through profit or loss | 1,400,485 | 1,247,414 |
Finance lease receivables | 1,289,712 | 1,298,752 |
Associates and other investments | 96,110 | 73,849 |
Property and equipment | 523,124 | 464,469 |
Intangible assets and goodwill | 291,358 | 237,031 |
Right-of-use assets | 74,698 | 58,937 |
Investment properties | 53,381 | 47,452 |
Derivative financial assets designated as hedge accounting | 41,967 | 48,247 |
Deferred tax assets | 55,691 | 75,421 |
Current income tax receivables | 7,773 | 5,650 |
Other assets | 509,430 | 471,119 |
Assets classified as held for sale | 1,533,333 | - |
TOTAL ASSETS | 39,609,144 | 32,804,210 |
Amounts due to banks, the National Governments, | ||
deposits from the National Banks and other banks | 1,940,862 | 1,463,158 |
Repo liabilities | 126,237 | 217,369 |
Financial liabilities designated at fair value through profit or loss | 70,707 | 54,191 |
Deposits from customers | 28,332,431 | 25,188,805 |
Liabilities from issued securities | 2,095,548 | 870,682 |
Derivative financial liabilities held for trading | 140,488 | 385,747 |
Derivative financial liabilities designated as hedge accounting | 63,899 | 27,949 |
Leasing liabilities | 76,313 | 63,778 |
Deferred tax liabilities | 28,663 | 40,094 |
Current income tax payable | 69,948 | 28,866 |
Provisions | 121,119 | 131,621 |
Other liabilities | 745,820 | 707,654 |
Subordinated bonds and loans | 562,396 | 301,984 |
Liabilities directly associated with assets classified as held for sale | 1,139,920 | - |
TOTAL LIABILITIES | 35,514,351 | 29,481,898 |
Share capital | 28,000 | 28,000 |
Retained earnings and reserves | 4,179,322 | 3,395,215 |
Treasury shares | (120,489) | (106,862) |
Total equity attributable to the parent | 4,086,833 | 3,316,353 |
Total equity attributable to non-controlling interest | 7,960 | 5,959 |
TOTAL SHAREHOLDERS' EQUITY | 4,094,793 | 3,322,312 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 39,609,144 | 32,804,210 |
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED
31 DECEMBER 2023
(in HUF mn)
2023 | 2022 | |
CONTINUING OPERATIONS | ||
Interest income calculated using the effective interest method | 2,314,677 | 1,425,859 |
Income similar to interest income | 633,587 | 475,547 |
Interest income and income similar to interest income | 2,948,264 | 1,901,406 |
Interest expense | (1,561,558) | (874,538) |
NET INTEREST INCOME | 1,386,706 | 1,026,868 |
Loss allowance on loans, placements, amounts due from banks | ||
and on repo receivables | (109,223) | (145,159) |
Change in the fair value attributable to changes in the credit risk of | ||
loans mandatorily measured at fair value through profit of loss | (91) | 13,346 |
Release of loss allowance / (Loss allowance) on securities | ||
at fair value through other comprehensive income and | ||
on securities at amortized cost | 8,831 | (60,761) |
Release of provision / (Provision) for commitments and guarantees given | 19,870 | (5,917) |
Release of impairment / (Impairment) of assets subject to | ||
operating lease and of investment properties | 1,332 | (1,204) |
Risk cost total | (79,281) | (199,695) |
NET INTEREST INCOME AFTER RISK COST | 1,307,425 | 827,173 |
Loss from derecognition | ||
of financial assets at amortized cost | (17,182) | (1,573) |
Modification loss | (38,141) | (39,997) |
Income from fees and commissions | 861,309 | 716,866 |
Expense from fees and commissions | (169,316) | (132,375) |
Net profit from fees and commissions | 691,993 | 584,491 |
Foreign exchange result, net | 13,827 | (16,302) |
Gain / (Loss) on securities, net | 7,283 | (4,505) |
Fair value adjustment on financial instruments | ||
measured at fair value through profit or loss | 94,613 | (4,044) |
Net results on derivative instruments and hedge relationships | (12,760) | 16,360 |
Profit from associates | 14,766 | 14,618 |
Goodwill impairment | - | (67,715) |
Other operating income | 324,266 | 124,930 |
Other operating expenses | (110,570) | (125,742) |
Net operating income / (expense) | 331,425 | (62,400) |
Personnel expenses | (478,696) | (377,728) |
Depreciation and amortization | (111,996) | (101,125) |
Other general expenses | (483,645) | (451,163) |
Other administrative expenses | (1,074,337) | (930,016) |
PROFIT BEFORE INCOME TAX | 1,201,183 | 377,678 |
Income tax expense | (189,478) | (58,600) |
PROFIT AFTER INCOME TAX FOR THE PERIOD | ||
FROM CONTINUING OPERATIONS | 1,011,705 | 319,078 |
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED
31 DECEMBER 2023
(in HUF mn) [continued]
2023 | 2022 | |
PROFIT AFTER INCOME TAX FOR THE PERIOD | ||
FROM CONTINUING OPERATIONS | 1,011,705 | 319,078 |
DISCOUNTINUED OPERATIONS | ||
Gains from disposal of subsidiary classified as held for sale | - | 11,444 |
Net (Loss) / Gain from discontinued operations | (21,246) | 16,559 |
PROFIT AFTER INCOME TAX FROM CONTINUING AND | ||
DISCOUNTINUED OPERATION | 990,459 | 347,081 |
From this, attributable to: | ||
Non-controlling interest | 1,801 | 727 |
Owners of the company | 988,658 | 346,354 |
Earnings per share (in HUF) | ||
From continuing operations | ||
Basic | 3,774 | 1,184 |
Diluted | 3,772 | 1,184 |
From continuing and discontinued operations | ||
Basic | 3,695 | 1,289 |
Diluted | 3,693 | 1,288 |
3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
31 DECEMBER 2023
(in HUF mn)
2023 | 2022 | |
PROFIT AFTER INCOME TAX FOR THE YEAR | 990,459 | 347,081 |
Items that may be reclassified | ||
subsequently to profit or loss: | ||
Fair value adjustment of securities at fair value | ||
through other comprehensive income | 89,734 | (134,692) |
Deferred tax related to fair value adjustment of securities | ||
at fair value through other comprehensive income | (12,779) | 10,816 |
Net investment hedge in foreign operations | (2,707) | - |
Foreign currency translation difference | (200,928) | 179,623 |
Items that will not be reclassified | ||
subsequently to profit or loss: | ||
Fair value changes of equity instruments at fair value | ||
through other comprehensive income | 2,411 | 5,780 |
Deferred tax related to equity instruments at | ||
fair value through other comprehensive income | (947) | (1,282) |
Change of actuarial gain related to | ||
employee benefits | (392) | 1,059 |
Deferred tax related to change of actuarial gain related to | ||
employee benefits | (8) | (43) |
Subtotal | (125,616) | 61,261 |
TOTAL COMPREHENSIVE INCOME | 864,843 | 408,342 |
From this, attributable to: | ||
Non-controlling interest | 1,129 | 647 |
Owners of the company | 863,714 | 407,695 |
4
SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
(in HUF mn)
2023 | 2022 | |
Cash, amounts due from banks and balances with the National Bank of Hungary | 2,708,232 | 1,092,198 |
Placements with other banks | 2,702,433 | 2,899,829 |
Repo receivables | 201,658 | 246,529 |
Financial assets at fair value through profit or loss | 257,535 | 410,012 |
Financial assets at fair value through other comprehensive income | 559,527 | 797,175 |
Securities at amortised cost | 2,710,848 | 3,282,373 |
Loans at amortised cost | 4,681,359 | 4,825,040 |
Loans mandatorily measured at fair value through profit or loss | 934,848 | 793,242 |
Investments in subsidiaries | 2,001,952 | 1,596,717 |
Property and equipment | 107,306 | 94,564 |
Intangible assets | 98,115 | 69,480 |
Right of use assets | 66,222 | 39,882 |
Investment properties | 4,203 | 4,207 |
Deferred tax assets | 408 | 35,742 |
Current tax assets | - | 1,569 |
Derivative financial assets designated as hedge accounting relationships | 21,628 | 47,220 |
Non-current assets held for sale | 130,718 | - |
Other assets | 365,961 | 329,752 |
TOTAL ASSETS | 17,552,953 | 16,565,531 |
Amounts due to banks and deposits from the National Bank of Hungary and other | ||
banks | 1,761,579 | 1,736,128 |
Repo liabilities | 443,694 | 408,366 |
Deposits from customers | 10,734,325 | 11,119,158 |
Leasing liabilities | 68,282 | 41,464 |
Liabilities from issued securities | 1,163,109 | 498,709 |
Financial liabilities designated at fair value through profit or loss | 19,786 | 16,576 |
Derivative financial liabilities designated as held for trading | 183,565 | 373,401 |
Derivative financial liabilities designated as hedge accounting relationships | 27,423 | 50,623 |
Current tax liabilities | 14,393 | 3,199 |
Provisions | 22,497 | 29,656 |
Other liabilities | 295,399 | 313,188 |
Subordinated bonds and loans | 520,296 | 294,186 |
TOTAL LIABILITIES | 15,254,348 | 14,884,654 |
Share capital | 28,000 | 28,000 |
Retained earnings and reserves | 2,276,759 | 1,655,601 |
Treasury shares | (6,154) | (2,724) |
TOTAL SHAREHOLDERS' EQUITY | 2,298,605 | 1,680,877 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 17,552,953 | 16,565,531 |
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SEPARATE STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED
31 DECEMBER 2023
(in HUF mn)
Interest Income: | 2023 | 2022 |
Interest income calculated using the effective interest method | 1,227,173 | 721,679 |
Income similar to interest income | 795,906 | 377,231 |
Interest income and similar to interest income total | 2,023,079 | 1,098,910 |
Interest Expense: | (802,020) | |
Interest expenses total | (1,556,361) | |
NET INTEREST INCOME | 466,718 | 296,890 |
(Release of loss allowance) / Loss allowance on loan, placement and repo receivables | (47,687) | |
losses | 8,616 | |
(Release of loss allowance) / Loss allowance on securities at fair value through other | ||
comprehensive income and on securities at amortised cost | 11,879 | (53,238) |
(Release of provision) / Provision for loan commitments and financial guarantees given | 7,172 | (5,541) |
Change in the fair value attributable to changes in the credit risk of loans mandatorily | ||
measured at fair value through profit of loss | (980) | 11,872 |
Risk cost total | 26,687 | (94,594) |
NET INTEREST INCOME AFTER RISK COST | 493,405 | 202,296 |
LOSSES ARISING FROM DERECOGNITION OF FINANCIAL ASSETS | ||
MEASURED AT AMORTISED COST | (19,707) | (56,195) |
MODIFICATION LOSS | (9,017) | (14,856) |
Income from fees and commissions | 402,885 | 362,444 |
Expenses from fees and commissions | (78,755) | (66,087) |
NET PROFIT FROM FEES AND COMMISSIONS | 324,130 | 296,357 |
Foreign exchange (losses) and gains | (12,269) | 541 |
Gains and (losses) on securities, net | 7,073 | (10,605) |
Gains / (losses) on financial instruments at fair value through profit or loss | 91,268 | (18,790) |
Net results on derivative instruments and hedge relationships | 13,055 | 9,917 |
Dividend income | 275,705 | 194,526 |
Other operating income | 26,184 | 13,775 |
Other operating expenses | 63,590 | (131,942) |
NET OPERATING INCOME | 464,606 | 57,422 |
Personnel expenses | (195,404) | (154,303) |
Depreciation and amortization | (50,814) | (46,738) |
Other administrative expenses | (281,918) | (290,989) |
OTHER ADMINISTRATIVE EXPENSES | (528,136) | (492,030) |
PROFIT BEFORE INCOME TAX | 725,281 | (7,006) |
Income tax | (70,293) | 13,638 |
PROFIT AFTER INCOME TAX | 654,988 | 6,632 |
Earnings per share (in HUF) | ||
Basic | 2,344 | 24 |
Diluted | 2,344 | 24 |
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SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
31 DECEMBER 2023
(in HUF mn)
2023 | 2022 | |
PROFIT AFTER INCOME TAX | 654,988 | 6,632 |
Items that may be reclassified subsequently to profit or loss: | ||
Fair value adjustment of debt instruments at fair value through other comprehensive | (55,804) | |
income | 37,917 | |
Deferred tax related to fair value adjustment of debt instruments at fair value through | ||
other comprehensive income | (3,503) | 5,186 |
Gains / (Losses) on separated currency spread of financial instruments designated as | ||
hedging instrument | 3,752 | (4,887) |
Deferred tax related to (losses) / gains on separated currency spread of financial | ||
instruments designated as hedging instrument | (338) | 440 |
(Losses) / Gains on derivative financial instruments designated as cash flow hedge | 5,700 | (5,641) |
Items that will not be reclassified to profit or loss: | ||
Gains on equity instruments at fair value through other comprehensive income | - | 2,675 |
Fair value adjustment of equity instruments at fair value through other comprehensive | ||
income | 3,308 | 61 |
Deferred tax related to equity instruments at fair value through other comprehensive | (41) | |
income | (374) | |
Total | 46,462 | (58,011) |
TOTAL COMPREHENSIVE INCOME | 701,450 | (51,379) |
The Board of Directors proposes to the Annual general meeting a dividend rate per share of HUF 535,71 for the year 2023, i.e. 535,71% of the share face value. The actual dividend rate paid to shareholders shall be calculated and paid based on the Company's Articles of Association, so the Company distributes the dividends for its own shares among the shareholders entitled for dividends. The dividends shall be paid from 3rd of June 2024 in accordance with the policy determined in the Articles of Association."
The written documents of the General Assembly are available from 4 April 2024 (Thursday) at the branch of OTP Bank (H-1051 Budapest, Nádor street 16.), and are also available on the Company's website (www.otpbank.hu) and on the website of the Budapest Stock Exchange (www.bet.hu) and on the information storage system operated by the Magyar Nemzeti Bank (https://kozzetetelek.mnb.hu).
Board of Directors of OTP Bank Plc.
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OTP Bank Nyrt. published this content on 04 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2024 06:33:11 UTC.
