Top Polish banks see 33% quarterly drop in profits
15:39
Poland's nine top WSE-listed banks are likely to post an over 30 percent decline in aggregate net profit in Q3, after Q2 earnings were padded by the sale of the Polish stake in Visa Europe. The total net profit of these banks is expected to reach PLN 2.49 billion, down 16 percent y/y and down 33 percent q/q, according to analysts surveyed by PAP.
The consensus covers PKO BP, Pekao, BZ WBK, mBank, Getin Noble Bank, ING BSK, Bank Handlowy, Bank Millennium, and Alior Bank and is built on forecasts from 12 brokerages. The only bank expected to show some q/q improvement is Alior, not a party to the Visa sale.
“Q3 will show how much banks can earn in current conditions, with a bank tax in place and without any one-offs. These three months should show the sector's cleared profitability,” Ipopema Securities analyst Lukasz Janczak told PAP.
The Q3 earnings reporting season starts this week with the publications from BZ WBK and mBank on October 26, followed by Millennium on October 28.
