Income from banks’ foreign activities increase in 2016 – KNF report

The net profit of Poland’s banking sector containing foreign branches amounted to PLN 13.07 billion between January and November 2016, recording a 20 .5 percent increase over the same period of 2015, the Financial Supervision Authority (KNF) said in a press release on Monday. Revenue on interest increased by 7.4 percent y/y, to PLN 34.55 billion, while income from commission fees was reported to have reached PLN 11.47 billion, which was actually lower by 5.7 percent y/y. Income from banking operations increased by 6.6 percent to PLN 54.3 billion during the same period, the release said. Meanwhile, with respect to the banks’ costs, the operating costs increased by 5.4 percent, y/y, to PLN 28.94 billion during the first 11 months of last year. Write-downs for impairment losses on loans and advances amounted to PLN 6.47 billion, which represented a decrease of 15.8 percent y/y.