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Citi's Polish unit sees Q1 profit tumble

Bank Handlowy w Warszawie SA warned that its consolidated net profit for the first quarter "will deviate significantly from the results reported in previous quarters" and will amount to about 60 million Polish zlotys.

The lender attributed the profit fall to a one-off accrual linked to its annual contribution to the Polish bank guarantee fund and to lower net income on trading financial instruments and revaluation. The full first-quarter financial report will be published April 28.

The price of Bank Handlowy shares fell by 6% on April 10 following the profit warning, Parkiet reported the same day. The lender posted a net profit of 104.4 million zlotys for the first quarter of 2016, the newspaper noted.

Bank Handlowy is controlled by Citigroup Inc.

As of April 10, US$1 was equivalent to 4.00 Polish zlotys.