Boom time for banks as profits reach record highs

The net profit that the banks recorded between April and June was 31% higher than in the analogous period of 2004. Over the first six months of this year the banks earned zł.4.65 billion, which means a growth by 25% as compared to H1 last year. The bank's operational costs remained on a practically unchanged level. The increase in the gross results was the same as the growth in the results from banking activity and amounted to 11%. According to GUS, for the whole banking sector, the net turnover profitability in H1 was 9.8%, while in the previous year it was 9%. The highest profitability was recorded by banks providing car loans.  The poorest results were recorded by banks which are 100% owned by  foreign capital, where the turnover profitability dropped from 6.9% in 2004 to 5.7% in 2005. (Parkiet, p. 9) A.F.