Welcome to the RockedBuzz local newsroom! The subject of this news is Banks benefited from the interest rate hike. “Profit increase of over 97 percent.”
here are all the details. We offer you the most up-to-date developments about Banks benefited from the interest rate hike. “Profit increase of over 97 percent.”
. Everything you wonder about Banks benefited from the interest rate hike. “Profit increase of over 97 percent.”
, keep reading in this news and stay tuned! Banks benefited from the interest rate hike. “Profit increase of over 97 percent.”
On Wednesday 6 April, the Monetary Policy Council raised interest rates by 100 basis points, from 3.5 to 4.5 percent. This was not foreseen by the experts who expected an increase of 50 or 75 basis points. Higher interest rates translate into higher loan payments, but also into bank profits. In February they were at the level of PLN 4.124 billion. In the same month of 2021 they amounted to PLN 2.089 billion.
Watch the video What will be the future of the president of the NBP?
Interest rates benefited the banks
As the Polsat newsletter explains, the main reason for such a dramatic change is the increased interest margin. The current year is the result of PLN 12.79 billion and twelve months earlier it was PLN 7.92 billion (an increase of 61%). Interest expense also increased, up to 160%. Last year they amounted to PLN 744 million and in February 2022 it was PLN 2 billion. Income from taxes and fees was also improved, from PLN 3.28 billion to PLN 3.82 billion.
It is recalled that interest rate hikes started last year and had a positive impact on banks’ results. As reported by swiatrolnika.info, 2021 ended with a profit of PLN 8.93 billion. In 2020, this result was negative: it was a loss of 337 million PLN. Before the pandemic, the results were much better in 2019 – PLN 13.77 billion and in 2018 – PLN 13.05 billion.
Help Ukraine, join the collection. Deposit money on the website pcpm.org.pl/ukraine
Interest rates. Morawiecki to commercial banks: “unfair profit”
Prime Minister Mateusz Morawiecki believes commercial banks are taking advantage of the situation and making excessive use of higher rates. – This is an excessive profit that appears in your wallets, an unfair profit – said the premier quoted by bankier.pl.
You can read more information from Poland and the world at the main page of Gazeta.pl
Interest rates. Will deposits and deposits increase?
The Prime Minister believes that along with the rise in interest rates on bonds, interest rates on deposits and deposits should also rise.
– I am convinced that these zero or one percent deposits will soon be a thing of the past and there will be real and good rates for bank deposits, at least 3-4 percent, which must follow the central bank’s rising benchmark rate – he said at the 14th European Economic Congress in Katowice Morawiecki, quoted by Polsat.
Leave a Comment