Getin Noble Bank's profit down 98 % y/y

Net profit of the Getin Noble Bank group for Q2 fell to PLN 1.1 million, from PLN 70 million last year. The result was lower than the markets' expectations ( PLN 12.9 million ). Net profit in Q2  was down by 98 percent, whereas in Q1 a PLN 18 million loss was posted. The results are an effect of the new capital ratios requirements for banks, as well as being recognised by the KNF as a financial institution of systemic importance. The new banking tax law also had an impact. Getin Noble Bank was formed in a merger of Getin Bank and Noble Bank in 2010. It is listed on the Warsaw Stock Exchange and ranks 6th in terms of value of assets in Poland.