OTP 3Q25 Analysis

OTP Bank Nyrt. (“OTP”, “company”, “bank”) posted +6% YTD gross loan and +4% YTD total asset increase in 9M25.
Adjusted pro-rata ROE was 22.7% in 9M25, remaining above 20%, similarly to the last two years.
Annualized adjusted EPS was 4 390 in 9M25 versus 4 153 in 9M24, supported by +13% y/y revenue growth and only
+9% y/y increase in operating cost, as well as lower average share count due to repurchase programs.
Returns to shareholders included the annual dividend payment of 996 / share (total of 270MM or 25% of net income
of FY24) paid in June 2025, representing 3.47% dividend yield. OTP has no stated dividend policy. Further, OTP
completed its 60Bn share repurchase program in February 2025 and on path to exhaust its 150Bn repurchase program
through December 2025.
Our valuation implies a 12-month forward target price of 36 443 by the end of September 2026, above the
consensus target estimate of 34 945.
We expect that OTP will continue to post strong earnings in the coming quarters, supported by the expansion of the
loan portfolio and continued market gain in targeted markets, as well as continued solid cost management.