Polish banking sector nets EUR 2.7 bln in January-September

The Polish banking sector posted a net profit of PLN 11.63 billion (EUR 2.71 billion) in January-September 2018, up 10.8 percent year on year, the Polish Financial Supervision Authority (KNF) said in a Thursday report.

The data took into account the amendments to the International Financial Reporting Standards (IFRS) that were introduced at the beginning of 2018, KNF said.

In September alone, the banks' net profit amounted to PLN 1.2 billion (EUR 279.7 million), up by 4.0 percent year on year.

Interest income increased by 8.7 percent to PLN 34.22 billion (EUR 7.98 billion) in the first nine months of the year, KNF reported.

The banks' costs went up by 6.0 percent to PLN 26.12 billion (EUR 6.09 billion).

Impairments amounted to PLN 6.02 billion (EUR 1.40 billion) in January-September and were 5.8 percent higher on the previous year, according to KNF.