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BNP Paribas Bank Polska ups provision on forex mortgage loans

BNP Paribas SA's Polish unit BNP Paribas Bank Polska SA increased the existing provision against its foreign currency mortgage portfolio by 101.7 million zlotys to 200.3 million zlotys, with the higher amount to be reflected in the lender's financial report for the last quarter of 2020.

The decision to increase the provision stems from the rise in the number of court disputes with foreign currency mortgage holders and updated assumptions and parameters in the bank's model, BNP Paribas Bank Polska said in its Jan. 7 filing.

As of Dec. 31, 2020, the Polish lender was involved in 644 foreign currency mortgage-related court cases, an increase by 155 cases during the fourth quarter of 2020.

As of Jan. 6, US$1 was equivalent to 3.68 Polish zlotys.