Polish ING 2Q Net Profit Down 28% on Higher Provisions
First Published Wednesday, 8th August 2012 06:18 am - © 2012 Dow Jones
WARSAW--Polish ING Bank Slaski SA (BSK.WA) Wednesday posted a 28% year-on-year drop in second-quarter net profit as provisions for bad loans jumped more than three times as it wrote off PLN80 million owing to the problems of the Polish construction sector companies.
- Net profit down 28% to PLN167.6 million ($51 million).
- Net interest income rose 12% to PLN514.1 million.
- Fees and commission income dropped 3.1% to PLN250.4 million.
- Provisions against potentially bad loans soared to PLN131.2 million from PLN37.7 million a year ago.
- Dutch ING Bank NV holds a 75% stake in Bank Slaski SA
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