Polish banking sector nets EUR 0.98 bln in January-July

Polish banking sector nets EUR 0.98 bln in January-July Tomasz Gzell/PAP

The Polish banking sector posted a net profit of PLN 4.35 billion (EUR 0.98 billion) in January-July 2020, a 52.1 percent decrease year on year, the National Bank of Poland (NBP) said in a Tuesday report.

In July alone, the net profit reached PLN 420 million (EUR 94.23 million), down by 73 percent year on year, NBP said.

The sector's operational income reached PLN 39.8 billion (EUR 8.93 billion) in January-July, declining by 5.5 percent year on year. Overheads stood at PLN 20.9 billion (EUR 4.69 billion), falling by 1.4 percent from the previous year.

Impairments soared by 35.4 percent year on year in the first seven months of the year, reaching PLN 7.4 bln (EUR 1.66 billion).