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Net financial result of banking sector up by 52% y-o-y in Q1


The net financial result of the banking sector amounted to PLN 3.76bn (approx. €952m) in the first quarter of 2011, which translates into an increase of 52.1% compared with the same period of the previous year, according to preliminary data from the Financial Supervisory Commission (KNF). The marked improvement in financial performance was helped by a 34.8% y-o-y fall in writedowns, to PLN 1.77bn (€448m).

The net result of domestic commercial banks rose 50.3% y-o-y to PLN 3.51bn (€889m), that of cooperative banks increased by a modest 8% y-o-y, to PLN 234.6m (€59.4m), while branches of credit institutions moved into a profit of PLN 13.4m (€3.39m) from a loss of PLN 81.1m (€20.5m) a year earlier.

At the same time, however, the sector’s capital adequacy ratio deteriorated somewhat, to 13.75% from 14.13% in Q1 2010.

At the end of March the total value of loans stood at PLN 706.4bn (€178.9bn), an increase of 10.1% compared with the same period a year earlier. This was mainly thanks to a 13.4% y-o-y rise in household loans, to PLN 477.2bn (€120.8bn), but business loans were also up on a year ago, by 3.5% to PLN 225.8bn (€57.2bn).

Simultaneously, the value of bank deposits rose 9.3% y-o-y to PLN 619.8bn (€156.9bn). Business deposits increased by 8.4% y-o-y in the three months to March, to PLN 170.7bn (€43.2bn), whereas household deposits grew by 10% y-o-y to PLN 434.2bn (€109.9bn).

Employment in the sector increased by 1.2% y-o-y to over 177,550. The branch network expanded by around 120 outlets (an increase of 1.8% y-o-y), to 7,014 branches.

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