The Postal Bank’s earnings in the period January-June 2023 represented a rise of PLN 57.2 million (EUR 12.3 million) on the corresponding period in 2022, the wgospodarce.pl website reported.
It's the Postal Bank's biggest-ever half-yearly profit, as well as its biggest-ever annual profit, reporters were told.
The bank ’s record profits were possible thanks to two factors, officials said.
There was an increase in revenue from interest, as a result of interest rate hikes by Poland’s central bank (NBP), wgospodarce.pl reported.
The Postal Bank’s revenue from interest totalled PLN 238 million (EUR 51.2 million) in the first half of 2023, a 36.1-percent spike on the first half of 2022, according to officials.
Secondly, the Postal Bank has successfully implemented a programme of reforms, which included cost-cutting, technological upgrades and a revamp of its banking products and services, wgospodarce.pl reported.
The Postal Bank’s overall revenue rose by 12.9 percent year-on-year in the period January-June 2023, officials said.
During this time, the Postal Bank acquired 16,500 new retail customers, bringing the total to 726,000, and 27,900 new institutional customers, wgospodarce.pl reported.
The Postal Bank offers financial services for individual customers, small and mid-size companies, and institutions, through its own network and the facilities of the Polish Post, according to officials.
The Postal Bank is majority-owned by the state-run Polish Post, with a minority stake held by the state-run PKO BP bank.
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Source: wgospodarce, PAP, Bank Pocztowy