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Polish banks forecast over 12% drop in FY'17 profits

Polish lenders expect their aggregated net profit to fall by 12.3% year over year in 2017, though the 2016 figure was strongly affected by one-off proceeds from the Visa Europe transaction, the Polish Financial Supervision Authority said in its annual report analyzing financial plans submitted by local commercial banks.

The total net profit of the Polish banking sector amounted to 13.9 billion Polish zlotys in 2016, up 24.3% year over year thanks to the Visa deal, Rzeczpospolita said March 29.

Local lenders see their operating costs increasing by an average of 4.1% year over year in 2017, but also expect their interest income to grow by 6.3% and their income from fees and commissions to grow by 6.5%.

The lenders' combined portfolio of Swiss franc-denominated mortgages is expected to shrink by 9.7%.

As of March 28, US$1 was equivalent to 3.90 Polish zlotys.