OTP Bank - Strong Q4 results, Guidance Broadly In Line, Mgmt. Uncertainty On Virus
Summary:
- Net income in Q4 HUF 103 bln, adjusted HUF 105.9 bln, above market of HUF 101 bln and HUF 98 bln, respectively
- FY results HUF 412 bln
- Better results on very strong net F&C caused by success fee in Asset mgmt. (HUF 14 bln).
- NIM improved q-o-q due to higher NIM in Hungary (mainly technical), Russia
- OPEX ended 6% y-o-y higher adjusted for acquisitions
- Guidance broadly in line with market, OPEX development higher than anticipated, DPS HUF 248
- Profit taking is expected after outperformance relative to peers recently
OTP - Instant Earnings Comment
Recommendation: Accumulate (unch.)
Target price (12M): HUF 14,330 (unch.)
OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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