Raiffeisen Polbank with PLN 29.69 mln H1 net loss

Raiffeisen Polbank, suffered a PLN 29.69 million attributable net loss in H1 versus PLN 69.77 million profit posted last year, the bank said in a market filing. In Q1, the lender had PLN 46.45 million net profit. The H1 result was affected by the pre-announced PLN 114 million write-down of Polbank brand as well as booking the PLN 69.3 million contribution to the Banking Guarantee Fund. Net interest income amounted to PLN 546.44 million, compared to PLN 48.3 million the year before while net fee income dropped to PLN 290.56 million (295.13 million in H1 2016). Total assets declined by 6 percent to PLN 49.8 billion compared at end-2016. Loans dropped by 1.1 percent to PLN 33.5 billion.