Locked content KNF: Banking sector profit down in Q1

Poland’s banking sector recorded an aggregated net profit of PLN 2.84 billion in Q1, according to data from the Financial Supervision Authority (KNF), representing a 11.4 percent decline y/y. Net income from banking activity stood at PLN 14.74 billion and increased by 3.8 percent y/y. Banks’ net int...

Locked content KNF suspends Twoja SKOK and files for its bankruptcy

Poland’s financial market regulator KNF suspended operations of and filed for the bankruptcy of credit union Twoja SKOK which deposits amount to PLN 170.3 million. As of March 31, Twoja Skok had negative equity of PLN 52.6 million and PLN 2.7 million loss. Additionally, the credit union had PL...

Locked content PZU, PFR with KNF approval for Pekao takeover

Financial market watchdog KNF has approved the purchase of Pekao by PZU and PFR, which clears the last obstacle to finalize the transaction. The buyers want to finalize the deal in early June, just in time to qualify for the banks’ dividend, set at PLN 8.58 per share. Back in 2016, Polish insurer PZ...

Locked content Polish insurers with 25% increase in net profits in 2017 – KNF

According to the financial market regulator KNF data, Polish insurers will sport a 25.8 percent increase in net profits this year to PLN 5.25 billion. KNF made the calculations based on forecasts provided by insurers themselves. The property and casualty sector should grow by an impressive 324.94 pe...

Locked content NIK: Polish companies lost PLN 2.1 bln on forex market

According to data released by Poland’s Supreme Audit Office, between 2012-2016, Polish companies lost PLN 2.1 billion on the forex market. To prevent such losses in the future, NIK recommends banning advertisement of such companies and putting the currency exchange websites under the supervisi...

Loans up by 4,2%, deposits by 8.3% at end-February

The Polish Financial Supervision Authority (KNF) published data regarding banks’ loans and deposits in the first two months of this year. The total value of loans in the banking sector in Poland, including foreign units, increased by 4.2 percent y/y reaching PLN 1,017.68 billion. The value of ...

Locked content KNF: Presidential bill on FX spreads will cost PLN 9.1 bln

Polish banks would suffer some PLN 9.1 billion cost from the presidential bill on partial return of FX spreads, financial regulator KNF estimated. The two drafts proposed in parliament would, in comparison, would cost PLN 11.1 and PLN 52.8 billion, the Polish Press Agency (PAP) which had an access t...

Locked content KNF with serious doubts regarding Bumech stock transaction

Poland’s Financial Supervisory Authority (KNF) said that it did not receive any information from China Coal Energy regarding its recent takeover of Bumech shares, and gathered information does not support the case that such deal occurred. Last week, coal mining machinery producer Bumech announ...

Locked content WSE suspends Bumech trading for one month

The Warsaw Stock Exchange, acting on the motion from the Poland’s Financial Market Supervisor (KNF) suspended the trading of Bumech for a period of one month, until April 24. KNF asked for the suspension due to irregularities in recent stock acquisition transactions. If all concerns are allevi...

Locked content Polish banks face more consolidation in 2017 – KNF

Polish banking sector will likely continue the consolidation process in 2017. “The process of consolidation and takeovers in 2017 will probably advance and it will probably follow from conditions at their parent banks, albeit not so much tough financial conditions as changes in strategy,” the deputy...