Santander Bank Polska nets EUR 170.9 mln in 1st quarter of 2020

Tomasz Gzell/PAP

Santander Bank Polska's 1st quarter net profit fell to PLN 170.9 million (EUR 37.78 million) from PLN 339 million (EUR 74.93 million) in the 1st quarter of 2019, the bank has announced in a report.

The group's net profit fell by 49.6 percent y/y and 66.3 percent q/q. The bank's net 1st quarter result was 30 percent below market expectations.

Net interest income amounted to PLN 1.63 billion (EUR 360.0 million) and was 1.7 percent higher y/y. Q/q it fell by 0.6 percent.

The net fee and commission income reached PLN 538.2 million (EUR 118.97 million), growing 3.5 percent y/y and falling 0.6 q/q. Operating costs stood at PLN 1.17 billion (EUR 260.0 million).

First quarter impairments were at PLN 466.3 million (EUR 103.07 million).