Bloomberg News

OTP Bank Declines for Second Day as Hungarian Economy Shrinks

June 08, 2012

OTP Bank Nyrt. (OTP), Hungary’s largest lender, fell for a second day as data showed Hungary’s economy contracted for the first time in more than two years and bets on monetary stimulus for the global economy decreased.

The shares dropped as much as 1.6 percent and traded 0.6 percent lower at 3,385 forint by 12:26 p.m. in Budapest. A close at that level would mean a weekly gain of 0.4 percent.

Gross domestic product in Hungary, the European Union’s most indebted eastern member, fell 0.7 percent in the first quarter from a year earlier, declining for the first time since the last quarter of 2009, after a 1.4 percent expansion in the last three months of 2011, the Budapest-based statistics office said today. Demand for riskier assets fell as Federal Reserve Chairman Ben S. Bernanke damped expectations for monetary stimulus and German exports dropped.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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