OTP has been continuously buying its own shares since the end of February, over one million shares were bought in two months. The company will thus increasingly become its own owner, although the proportion of its own shares is still only around 0.71 percent of the total stock, reports Portfolio.
OTP is the market leader among retail customers in Hungary, but they also provide the same banking services in many other countries. The company is also present in Ukraine and Russia, which is why, after the outbreak of the Russian-Ukrainian war, many people feared that OTP could suffer serious damage. The exchange rate of the OTP fell very low after the outbreak of the war.
In the end, however, the fate of the company was not bad at all, they closed last year with an extremely high profit of more than a thousand billion forints. The improvement in the company’s situation was also appreciated by the stock exchange, the price of OTP shares doubled within a year and a half.
In parallel, OTP has been continuously buying its own shares since February, typically 10,000-50,000 shares are bought every working day. This means that all other shares will become more valuable, since the company will own more and more of itself.
With the purchases, OTP is pushing its own stock price up, which according to some analysts could soon be 30 percent higher than it is now.
