Bank profits down in Q1

The net profit of the Polish banking sector in Q1 amounted to PLN 2.84 billion, a 11.1 percent decline y/y, the data from the Poland’s Central Bank (NBP) showed. In March alone, profits amounted to PLN 1.18 billion, which was a 2.8 percent y/y growth. Profits from interest grew by 10.2 percent y/y to PLN 10.1 billion.

Profits from the banking activity amounted to PLN 14.71 billion (3.8 percent y/y growth), while costs increased by 9.6 percent to PLN 8.45 billion. Write-offs from financial assets losses increased to PLN 1.61 billion.