If compared to previous - 2008 edition, it has been upgraded with new analyses and contains now 118 pages. When preparing this report we have also responded to the feedback received form our customers and have incorporated several improvements making this new issue even more client-friendly and informative.
After promising first half of the year, the banking sector in Poland has been hit hard in Q4 2008. Abrupt currency depreciation, sudden standstill on the inter-bank market and decoupling of WIBOR reference rate from the real cost of money, made the operating conditions for banks difficult. In particular, banks suffered from sudden explosion of funding costs and erosion of interest margins while their operating costs could not be adjusted accordingly. As a result, the combined net profit of commercial banks in 2008 fell by fraction to 12.8 billion, while the total revenue (NBR*) increased by almost 16% to PLN 43.4 billion. In terms of volumes, a solid growth of household deposits and loans could be observed during whole 2008. Surge in value of retail loans was fueled by both: strong new sales and depreciating currency (in last months of the year the Zloty depreciation inflated fx-denominated lending portfolios). Finally, stagnating profits and growing volumes resulted in a significant fall of sector ROAA** to 1.56% from 1.96% a year before
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