Polish banks issue 2.62 pct more in mortgages q/q in Q3

In the third quarter of 2019, banks granted mortgages to a total value of PLN 16.87 billion (EUR 3.91 billion) or 2.62 percent more than the previous quarter, the Polish Bank Association (ZBP) has reported.

Between July and September, the banks granted 59,700 mortgages, up by 0.65 percent compared to the second quarter.

For the whole of 2019, Polish banks are forecast to issue around 220,000 mortgages to a value of PLN 60 billion (EUR 13.91 billion), ZBP's AMRON-SARFiN report reveals.

"Results after the third quarter, at the level of 87 percent of last year's result, will enable a new record to be announced in a few weeks in loan assets in the mortgage sector in 2019," Jacek Furga, head of the ZBP's residential property financing committee, said in a press release. "We will achieve the level of around 220,000 mortgages and the quota of PLN 60 billion, unprecedented in the history of the Polish banking sector."

"This is mainly the result of a systematic growth in the average value of mortgages, which breached the level of PLN 282,000 (EUR 65,410) in the third quarter of this year, and was 8.8 percent higher than 12 months earlier," he added.