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Polish banks' net profit down 19 pct in Q3: regulator
November 3, 2015 / 12:33 PM / 2 years ago

Polish banks' net profit down 19 pct in Q3: regulator

WARSAW, Nov 3 (Reuters) - Total net profits made by Poland’s banks in the third quarter fell 19 percent from the same period last year to 3.49 billion zlotys ($902 million), financial sector regulator KNF said on Tuesday.

Record low-interest rates squeezed margins causing a 7-percent drop in net interest income to 9 billion zlotys.

Three of Poland’s major lenders have already presented their third-quarter results, with profitability dented due to record-low interest rates, increased fees to a bank guarantee fund as well as lower profits from credit card transactions.

Poland’s biggest bank PKO BP will release its results on Monday, with analysts expecting a 12-percent fall in net profit, while rival Pekao SA is expected to report a 16 percent fall in its net profit next Tuesday. ($1 = 3.8689 zlotys) (Reporting by Marcin Goclowski; Editing by Greg Mahlich)

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