Banks' net profit 15.3% y/y down in July

Poland’s banking sector recorded an aggregated net profit of PLN 1.24 billion in July, a decrease of 15.3 percent y/y,  according to data from the central bank NBP. In Q2, it amounted to PLN 4.82 billion and was 27.9 percent higher than in Q2 2015. In the first seven months of the year, banks earned PLN 9.26 billion, a decline of 1.4 percent y/y. Banks’ net interest income grew by 8.7 percent y/y to PLN 3.26 billion, whereas costs inched up by 22.8 percent to PLN 2.81 billion in July y/y.