SKOK cooperative savings and loans turn it around

The Central Statistical Office has reported a PLN 23.4 million profit for SKOK savings and loans in H1 2014, compared to a loss of PLN 92.7 million a year ago. The cooperative savings and loan associations have recently come under fire for lack of oversight. Since 2012, they have been under the oversight of the Financial Supervision Authority (KNF). Forsal.pl reported that the working ratio for SKOKs was at 97.5 percent for H1 2014, compared to 103.7 percent for H1 2013. Loans for longer than 12 months dominated the loan product portfolio with 73.2 percent of the loan agreements signed. A total of 55 local cooperatives are operating, a number equal to that of last year. There are 89 fewer SKOK locations operating and employment in SKOKs has been cut by 15.3 percent. On average, each local cooperative has about 50,000 members.