The financial sector is responsible for approximately ¾ of profits
About three quarters of the profits of companies in which the state has a significant stake are attributable to financial sector. Banks and PZU, with some help from the WSE, which manages the Warsaw Stock Exchange, earned PLN 5.6 billion for their shareholders in Q3. Compared to last year, when profits were the highest in history, the sector’s result decreased by 8%. – reported “DGP”.
The newspaper pointed out that for the second quarter in a row, PKO BP, the largest bank in Poland in terms of assets, generated the highest profits among all state-controlled companies. They recorded record profits Alior and Pekao from the PZU group. Thanks to, among other things, their profits, the insurance market leader recorded the eighth quarter in a row with a financial result exceeding PLN 1 billion.
The prospect of interest rate cuts
“DGP” noticed that w analyzes regarding the Polish economy There are more and more frequent forecasts of reductions in NBP interest rates, which may begin in the second quarter of next year. In periods of easing monetary policy, banks usually perform worse.
“Even if there are rate cuts, it will be theirs profits should not decline significantly. For example, due to the decline in costs related to Swiss franc loans,” said Łukasz Jańczak, an Erste Securities analyst quoted by the daily. Jańczak added that recently, due to several factors – including the growing share of fixed-rate loans, the sensitivity sector on changes in interest rates fell.
On financial sector records The good news about the profits of state-controlled companies is basically over, noted “DGP”. Almost PLN 2.5 billion, less than 8 percent they earned more than a year ago energy companies. However, in general, the non-financial sector drags down the total result of the contractual capital group State Treasury. For the seventh quarter in a row it was lower than the year before. (PAP)
