In Russia Operations were stabilized, the operating model was changed to focus on average residential customers, primarily by providing goods loans, credit cards and personal loans, while corporate lending was practically discontinued. This year, OTP’s Russian corporate loan portfolio has already halved, not that their clients are subject to economic sanctions, but this is considered correct: the small amount of ruble loans for retail loans will keep the bank operating profitably in the future. Their deposit portfolio increased significantly and OTP’s reputation in Russia improved.
However, the fate of the subsidiary bank remains open, the possibility of a sale is being explored, but a presidential decree passed a few weeks ago effectively prohibits the sale of foreign banks until the end of this year, creating a new situation.
In response to the portfolio question, László Bencic said: Deviation from the mandate is possible with special presidential permission, but, for example, subsidiary bank dividend payments also require permission, This, of course, is not a real problem in the short term.
The performance of the Russian interest is now positive, and they can maintain a meaningful activity in the designated segment – said Laszlo Benczyk. In Ukraine The situation is very difficult, the war has a direct impact on the results there, the second quarter brought a plus zero result. The situation can change in both positive and negative directions, it is very difficult to make expectations, but OTP stands for its employees and customers as much as possible in the war situation – stressed the Deputy General Manager.