The Polish banking sector is staying afloat, judging by the results from the 2012 Q2 results, despite difficulties with loans provided to some local construction companies. Only the small lenders appear to be affected by the construction crisis, whereas the larger players are simply getting on with it.
ING Bank Śląski had PLN 131m in loans in the second quarter of the year, having given PLN 70m given to PBG, which appears to be bankrupt. As a result, the bank’s net profit fell to PLN 167m in the second quarter of the year, from the PLN 233m it posted after the first three months of the year.
The same happened at Nordea, while much smaller BGŻ reported a PLN 1m loss for Q2. “The biggest banks survived, according to the data they provided,” says Tomasz Bursa from Ipopema Securities adding that on the other hand, they could just be trying to buy time.
