OTP Bank: 2Q26: In Line

Research evidence excerpt

M

Update

August 5, 2026 06:00 AM GMT

Morgan Stanley & Co. International plc+

OTP Bank | Europe

Gulnara Saitkulova

Equity Analyst

2Q26: In Line

OTP Bank (OTPB.BU, OTP HB)

Top Pick

AlphaSignals Earnings Reaction

Banks | Hungary

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Core revenues were broadly in line with consensus, with NII coming in c1% ahead,

and fee income came in c1% below

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Overweight

Attractive

HUF 51,000.00

HUF 47,250.00

HUF 47,280.0028,300.00

HUF 12,155,962

HUF 12,155,977

* = GAAP or approximated based on GAAP

Including Other income (14% miss), total revenues were 1% below

Costs were broadly in line, leaving PPOP 2% below consensus (1% above if

exclude other income)

Provisions came in slightly lower at HUF 68bn vs company cons at HUF 71bn,

leaving PBT 1% below cons (2% above if excluding other income)

FY26 NIM now guided at >4.34% (vs previously at around 4.34%)

OTP Bank 2Q26 net income was HUF 306 vs HUF 311bn company-compiled

consensus. Total revenues were 1% below consensus, with NII coming in 1% above,

fees -1% below, and other income -14% below. Costs came in broadly in line. Total

provisions were at HUF 68bn vs consensus at HUF 71bn. PBT landed 1% below

consensus, while net profit was 2% below. CET1 ratio at 17.6% was broadly flat QoQ.

For FY26, OTP now expects NIM to be >4.34% (vs previously around 4.34%).

We expect muted initial share price reaction. We have an Overweight rating on the

stock trading at 8.9x 2027e P/E, 1.6x 2027e P/TBV for ~24-25% excess capital

adjusted RoTE. Analyst call today at 14.00 UKT (link).

Net interest income at HUF 541bn was 1% higher than expected at HUF 538bn,

and grew +3% QoQ and +13% YoY. On FX-adjusted basis, NII grew by +6%, due to

growth in business volumes, day effects and +3bps QoQ improvement in NIM. The

bank now guides for NIM of >4.34% (vs previously around ~4.34%) for FY26

…