Raiffeisen Polbank 2016 profit inches up, plans IPO

Raiffeisen Polbank, the Polish banking unit of Austrian Raiffeisen Bank International, had a PLN 162.8 million net profit in 2016 slightly up by 1.7 percent y/y . The figure was boosted by the sale of its leasing unit to the parent company and revenue from the sale of VISA Europe. On the other hand, the lender had to write-down PLN 102 million from Polbank brand and had to pay PLN 76 million in tax liability. The company also announced that the plans to float 15 percent of its shares are underway. Raiffeisen Polbank's parent said in its 2016 presentation that preparations for the IPO of the Polish unit on the WSE were underway.