Banking sector net profit falls by 22.9% y/y

Poland’s banking sector recorded an aggregated net profit of PLN 1.99 billion in January-February 2016, compared with PLN 2.58 billion in the corresponding period of 2015, according to data from the central bank NBP. It fell by 22.9 percent on a yearly basis. Net income from banking activity stood at PLN 8.96 billion, an increase of 4.4 percent y/y.

Banks’ net interest income grew by 4.4 percent y/y to PLN 6.02 billion, whereas costs inched up by 7.4 percent to PLN 4.95 billion as of the end of February.