Bank Handlowy with PLN 130 mln net profit in Q4

WSE-listed Polish unit of Citigroup, Bank Handlowy had PLN 130.3 million net profit (10.2 percent y/y growth), beating slightly the PLN 127.8 million consensus, according to lender's preliminary financial report. Considerable cost cutting and below expectation loan loss provisioning helped Handlowy overcome a shortfall (6.6 percent q/q and 11.5 percent y/y) in fee income. For the 2016, the net profit stood at PLN 601.6 million (4 percent drop y/y).