Net earnings of Poland's banking sector decreased by 2.5% y/y to PLN 11.79bn (EUR 2.82bn) in January- September of 2013 (vs. growth of 4.0% in the entire 2012), according to the data of the National Bank of Poland (NBP).
The result on banking operations result was down by 6.5% y/y to PLN 41.36bn. The net interest result declined by 7.6% y/y to PLN 24.77bn. Total costs went down by 0.6% to PLN 20.48bn.
At that time, net provisions and valuation allowances decreased by 12.3% to PLN 5.43bn.
It is worthwhile to note that the market consensus is a drop of the sector's net earnings of 10-15% y/y in the entire 2013, though individual banks - especially the largest institutions - claim they will be able to beat this trend.
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