Polish banks Q1 profit up despite record-low rates

09 May, 2015

WARSAW: The Polish banking sector's aggregated net profit rose in the first quarter by 1.6 percent to 4.04 billion zlotys ($1.12 billion), despite record-low interest rates, the central bank said on its website on Friday evening.

Three of Poland's five biggest banks, mBank, which is owned by Germany's Commerzbank, ING Bank Slaski , and Santander's BZ WBK have already presented their results.

They booked earnings higher than forecasts, mainly thanks to one-offs that boosted their results.

The two biggest Polish banks: state-controlled PKO, and UniCredit's Polish arm Pekao, are due to publish results next week.

Copyright Reuters, 2015

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