ING Bank Slaski Q2 net profit falls 12% y/y (updated)

ING Bank Slaski SA

07/08/2024 08:20

(Adds details paragraphs 4-6)
       Aug 7 (Reuters) - Poland's ING Bank Slaski  INGP.WA 
said on Wednesday its second-quarter net profit fell 12% year on
year, slightly missing analysts' expectations. 
    Its net profit came in at 964.7 million zlotys ($244.6
million), slightly below a company-provided consensus of 972.6
million zlotys. 
    Net interest income (NII), a measure of earnings on loans
minus deposit costs, fell to 2.04 billion zlotys ($517.3
million) from 2.05 billion a year earlier, due to lower costs of
liabilities to the bank's clients, the Polish unit of Dutch
lender ING said. 
    NII for the period declined by 170.5 million zlotys due to a
one-off adjustment related to the suspension of credit holidays
allowing mortgage owners to postpone their loan payments, it
said.
    The bank's net interest margin in the second quarter fell to
3.59% from 3.69% year ago. Return on equity rose by 4.5
percentage points year-on-year to 28.7%.
    It reported a rise in the cost of risk for mortgage loans
denominated in foreign currency to 25.9 million zlotys from 0.8
million zlotys in the first quarter of the year.
    The number of legal cases regarding mortgage loans
denominated in Swiss francs rose to 1,570 as of June 30 from
1,214 as of June 30, 2023.

    ($1 = 3.9438 zlotys)

 (Reporting by Anna Banacka; Editing by Tom Hogue and Emelia
Sithole-Matarise)
 ((anna.banacka@thomsonreuters.com; +48 58 769 65 65;))