Otp Bank S/Adr R (OTPGF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to OTP Bank's conference call regarding the financial results for the first half 2025. Please be advised that this event is being recorded. Kindly note that all participants will remain in a listen-only mode throughout the presentation. Following the presentation, there will be an opportunity to ask questions. At this point, I would like to hand over the floor to Mr. Laszlo Bencik, Chief Financial and Strategic Officer. Laszlo, the stage is yours. Thank you very much. Good morning or good afternoon, depending where you are. Thank you for joining us today to the conference call following the first half results presentation. As usual, you can have access to the presentation, what we are going to use today, on the website that we are also showing you while I'm talking, and the setup is the usual. I will attempt to give you a short summary presentation following this deck, and then after that you can ask your questions. So, the key highlights regarding OTP Group have not changed so much, so there's nothing substantially new on this slide. But on page 3 you can see the recent results. And there's some noise in the first half results. We already faced this problem during the first quarter. kind of show you the details, but fundamentally the situation is that there are certain expenses, namely the extra profit tax in Hungary, the bank tax in Hungary, and then other supervisory and deposit insurance fee charges, typically in Bulgaria. which accounting wise we have to account for at the beginning of the year. So they appear in the full amount in the first quarter and in this regard they are not accrued. Now it's even more complicated with the windfall tax, the extra profit tax, because it is first booked as the initial maximum amount and then as ...