May 8, 2020 / 4:59 AM / 24 days ago

BRIEF-OTP posts Q1 net loss as risk costs soar to record high

May 8 (Reuters) - OTP Bank Nyrt. says in earnings statement posted on Budapest Stock Exchange web site:

* POSTS Q1 NET LOSS OF HUF 4 BILLION AFTER HUF 103 BILLION PROFIT IN Q4, RECORD 2019 EARNINGS

* OTP OPERATING PROFIT 127 BILLION FORINTS, CLOSE TO RECORD LEVELS

* EXTRA TAXES REACH HUF 37 BLN, INCLUDING 20 BLN FROM ONE-OFF CONTRIBUTION TO HUNGARY ANTI-PANDEMIC FUND

* INCOME FROM FEES HUF 69.2 BLN, UP 21% Y/Y

* RECORD RISK PROVISIONING REACHES HUF 91.7 BLN AS BANK REVISES LOAN PORTFOLIO IN LIGHT OF CORONAVIRUS

* SOME CORPORATE LOANS RECLASSIFIED AS RISKIER, STILL NOT IN WORST CATEGORY

* NON-PERFORMING LOAN RATIO (90+ DAYS OVERDUE) 4.1% OF LOAN BOOK VS 4.2% IN Q4

* MOST RISK PROVISIONING OCCURS IN HUNGARY, BULGARIA, RUSSIA, BUT ALL OPERATIONS AFFECTED

* SCRAPS PREVIOUS ECONOMIC GUIDANCE BOTH FOR HUNGARY AND OTHER COUNTRIES OF OPERATION

* WILL NOT GIVE GUIDANCE FOR FUTURE UNTIL SITUATION CLARIFIES

* OUTLOOK VERY UNCERTAIN, EXPECTS ECONOMIC CONTRACTION OF 1-5% IN COUNTRIES OF OPERATION

* CAPITAL POSITION, LIQUIDITY POSITION REMAIN STABLE Source text for Eikon: bit.ly/2WDllTm Further company coverage: (Reporting by Marton Dunai)

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