KNF: Banks forecast 10.3 percent y/y profit drop
PR dla Zagranicy
Roberto Galea
13.04.2015 15:27
Banks forecast that net profit will drop by 10.33 percent this year compared with 2014, says a report by the Polish Financial Supervision Authority (KNF) financial watchdog.
Photo: KNF
"Banks are sceptical when it comes to financial results – most of them estimate a decline of around 10.3 percent compared to 2014,” KNF wrote in a recent report.
One of the main factors aggravating the result is an increase in contributions to the Bank Guarantee Fund.
In 2014, banks increased their net profits by 6.76 percent y/y, while net income increased by 2.78 percent y/y. Meanwhile net income increased by 6.89 percent per annum.
KNF said that banks preparing their plans created them based on their own macroeconomic forecasts.
The net profit of the banking sector with foreign branches amounted to PLN 16.23 billion (EUR 4.05 billion) in 2014. (rg)
Source: ISBNews