Santander’s Polish subsidiary Bank Zachodni has posted net
income of PLN974m ($338m) for the 12 months to 31 December, up 10%
from the previous year.
Bank Zachodni’s net interestincome grew by 17%
year on year to PLN1.82bn, boosted by a rise in its net interest
margin from 3.4% to 3.98% in fiscal 2010.
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Less positive was a 2.7% fall to PLN353m in
Bank Zachodni’s net fees and commission income.
The bank’s non performing loans ratio
worsened, from 5.5% at year-end 2009 to 6.8% at the end of
2010.
Customer deposits increased by 1.8% to PLN42bn
while customer loans declined 5% to PLN32.9bn.
Total assets fell by 1.7% to PLN53.1bn.
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By GlobalDataBank Zachodni, Poland’s fifth-largest lender
by assets, ended 2010 with a branch network of 527 outlets, a net
increase of 15 units during the year.
Santander beat off rival bids from BNP Paribas
and Polish lender PKO to acquire Allied Irish Banks’ 70% stake in
Bank Zachodni for PLN11.7bn last September.
The deal was approved by Poland’s Financial
Supervision Authority last month.
Santander is now seeking to acquire the
remaining 30% of Bank Zachodni’s shares.
For fiscal 2011, Bank Zachodni will target a
fall in its cost-income ratio from 49.9% to 47% and has targeted a
rate of 41% by the end of 2013.
