Net financial result of banking sector down by 36% in 2009

2010-02-22



The net financial result of the banking sector amounted to PLN 8.7bn (approx. €2bn) in 2009, which translates into a drop of 36.2% compared with the year before, according to preliminary figures from the Financial Supervisory Commission (KNF). This came after record profits in 2008, and the 2009 result is actually seen as evidence of the strength of the banking sector in the face of the downturn, despite the decline.
During the analysed period, the total value of loans rose by 5.8% to PLN 627.9bn (€145.1bn), driven by household loans (up by 11.9%). On the other hand, business loans were down by 4.4%.
At the same time, the value of bank deposits grew by 13.4% to PLN 560bn (€129.4bn), led by household deposits (up by 14.8%). Business deposits rose 11.4%.
Employment in the sector fell by 3.5% to just over 175,000 from almost 181,300 at the end of 2008. By contrast, the branch network expanded by more than 200 outlets to 14,890, despite a net decline of nearly 130 branches in the second half of 2009.