OTP Bank (OTP) Q3 2026 earnings summary

Executive summary

• 9M 2026 profit after tax was HUF 934.5bn, versus HUF 583.3bn in 9M 2025; EPS was HUF 3,526, versus HUF 2,159.

• Organic loans grew 12% in nine months; FX-adjusted net interest income rose 19% YoY, with NIM above 4.6% and higher than last year.

• Net profit growth was 8% after adjustments for identified one-offs; full-year guidance was unchanged from the post-Q2 update.

Financial highlights

• Net interest income was HUF 524.6bn, versus HUF 437.8bn in 9M 2025; net interest income after risk cost was HUF 514.8bn, versus HUF 401.7bn.

• Net fee and commission profit was HUF 331.5bn, versus HUF 322.3bn; profit before tax was HUF 948.3bn, versus HUF 635.6bn.

• FX-adjusted PBT growth was 6%, or 11% adjusted for identified items; higher taxes in Hungary and Ukraine weighed on results.

• Nine-month revenue growth of 10% was below operating expense growth of 15%; management identified negative operating leverage as a priority.

• Hungary's Q3 subsidized-loan fair-value adjustment was +HUF 9bn; absence of the Q2 rate-cap provision contributed +HUF 26bn to the quarterly comparison.

Outlook and guidance

• NIM was expected to remain above last year's level through year-end; 2027 expectations were to be discussed with annual results on March 5.

• Most operating markets were expected to have similar or slightly better macro conditions next year; Hungary's 2026 GDP growth was forecast at 1.7%.

• Hungary's revised Home Start scheme narrows eligibility and raises the subsidized rate on used homes from 3% to 5%; mortgage growth is expected to moderate next year.

• Wekerle Plus housing and renovation schemes were scheduled to launch from October 2026 through March 2027; proposed 2027 budget assumptions included 2.4% GDP growth and 3.0% inflation.