Poland's Bank Handlowy first-quarter profit falls 11%

Citigroup Inc.

Citigroup Inc.

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May 7 (Reuters) - Bank Handlowy BHW.WA, the Polish arm of Citigroup C.N, on Thursday reported a first-quarter net profit of 385.6 million zlotys ($107.1 million), down 11% from a year ago, as it contended with lower interest rates and higher corporate income tax.

Like other Polish lenders, Handlowy's earnings are under pressure due to a fall in interest rates from their 2025 peak, which has squeezed interest income across the sector.

  • The net result beat a Reuters poll forecast of 312 million zlotys

  • The decline was driven by a loss in the retail banking arm, which is being sold; net profit from continuing institutional operations rose 9%

  • The bank is finalising the sale of the retail arm to VeloBank, with the report stating the transaction is expected to be finalised in mid-2026

  • The bank's net interest income fell 14% to 471.3 million zlotys, missing analysts' expectations

($1 = 3.6009 zlotys)


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