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OTP says Swiss franc gains may boost risk costs

BUDAPEST : Hungary 's OTP Bank said on Friday that recent gains in the Swiss franc could boost risk costs at its Hungar
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By Syed Murtaza Gheblehzadeh
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otp-bankBUDAPEST: Hungary's OTP Bank said on Friday that recent gains in the Swiss franc could boost risk costs at its Hungarian operations.

"The gains of the Swiss franc may boost risk costs at (OTP) Core in Hungary," the bank said in a statement ahead of a press conference.

"OTP's consolidated short- and medium-term growth prospects have not improved, due to external demand which appears to be slowing down," it added.

OTP said earlier in the day that its second-quarter net profit rose by 36 percent from the same period last year. Second-quarter net profit came in at 37.29 billion forint ($195.4 million), against 27.4 billion in the year-ago period.

 

Copyright Reuters, 2011

 

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