Banks’ Jan-Oct net profit surges 145.2% y/y to PLN 24 bln

The net profit of the banking sector in Poland reached PLN 24.08 billion in January-October 2023, marking a significant 145.2% year-on-year increase, according to the National Bank of Poland (NBP). After September, the net profit was PLN 20.99 billion. Interest income for the ten months amounted to PLN 140.58 billion, showing a 51.5% y/y increase, while interest costs were PLN 60.3 billion, up by 87% y/y. Fee and commission income rose by 4.2% y/y to PLN 21.06 billion, with costs in this category increasing by 16.9% to PLN 5.53 billion.

Administrative costs for January-October grew by 0.4% y/y to PLN 37.41 billion. The impairment loss or reversal of impairment loss on financial assets not measured at fair value through profit or loss (write-downs) amounted to PLN 5.6 billion in the January-October period, representing a 14% y/y decrease, as reported by the central bank.

Source: inwestycje.pl