Poland's ING Bank Slaski posts 5% drop in net profit as costs bite (updated)

ING Bank Slaski SA

31/10/2024 06:57

(Adds details from paragraph 3)
       Oct 31 (Reuters) - ING Bank Slaski  INGP.WA , the Polish
unit of ING  INGA.AS , reported a slight fall in its
third-quarter net profit on Thursday, hurt by rising costs.
    Net profit came in at 1.10 billion zlotys ($274.30 million)
for the July-September period, down 5% from a year earlier and
missing a company-compiled consensus of 1.12 billion zlotys.
    Impairments for expected credit losses more than doubled to
348 million zlotys, while general and administrative expenses
rose over 10% to 956 million zlotys.
    Net interest income (NII), a measure of earnings on loans
minus deposit costs, was 2.26 billion zlotys, slightly above 
the consensus of 2.24 billion zlotys.
    Net fee and commission came in at 582.4 million zlotys, up 
from last year's 552.1 million zlotys and above the consensus of
577.4 million zlotys.
    As of Sept. 30, the lender's return-on-equity (ROE) was
27.1%, while net interest margin (NIM) was at 3.1%.

($1 = 4.0102 zlotys)

 (Reporting by Julia Kotowska and Rafal W. Nowak; Editing by
Savio D'Souza and Subhranshu Sahu)
 ((Julia.Kotowska@thomsonreuters.com; +48 58 769 67 31;))