Banks report losses through credit vacations
09:36
The president has signed a law on so-called "credit vacations," which entitles home loan repayers to request that banks suspend eight installments this year and next year. Banks must take into account the cost of free credit this year.
PKO BP announced that they would reduce the Q3 2022 result. How much depends on how many customers apply for the credit vacation. The bank has assumed that 63 percent of borrowers will take advantage of the law's benefits. If that were to happen, the cost to the bank would be about PLN 3 billion. If 100 percent of customers opt for the vacation, it will be PLN 4.8 billion.
mBank will recognize the vacation and contributions to the fund in its Q3 results. It estimates that 60-80 percent of customers will take advantage of the statutory relief. This will translate into a gross impact of PLN 1-1.4 billion. The net will be a loss.
ING Bank Śląski will also record a negative result. As it states in its announcement, it will report a loss in Q3 – for the first time in 14 years. This will result from revaluating the loan portfolio, reducing gross profit in July by PLN 1.7 billion.
