Banking sector with record profits

The banking sector has reached profits of PLN 11.7 billion eight months into the year. This is a 10 percent growth rate year-on-year. Banks are showing record-breaking profits at the moment, according to Rzeczpospolita. The economy is also breaking records in consumer credit amounts. July 1 saw the lowering of the credit card interchange fee which may lower end-of-the-year results. Furthermore, the lowering of interest rates may also hamper banking sector profits. Piotr Czarnecki, CEO of Raiffeisen Bank Polska predicts that the results for 2014 will be only slightly better than the previous year's figures. Paweł Borys, Managing Director at PKO BP said, "the rate of growth of deposits and credits should be at 6-7 percent in Poland. Our banking sector is one of the most stable in Europe." PwC consultant Piotr Romanowski also noted that Polish banks will cut costs in the near future by closing many branch locations and relying more and more on internet banking.