GDANSK, March 11 (Reuters) - Poland's Citi Handlowy BHW.WA posted a 22% fall in annual net profit on Wednesday, impacted by write-downs in the retail banking segment totalling 432.5 million zlotys ($112.29 million) and higher operating expenses.
The write-downs were driven by lower interest income and cost pressures, but the bank stated that its capital and liquidity ratios remained above regulatory requirements.
CONTEXT
Warsaw-based Citi Handlowy, part of global financial institution Citigroup, in December announced a new strategy for the years 2025-2027 that includes achieving an average annual growth of 7% in its institutional customer base and a return on equity (RoE) exceeding 15%.
It also wants to maintain cost discipline by keeping the cost of income (C/I) ratio below 45%, and continue to pay a dividend of at least 75% of net income.
BY THE NUMBERS
Net profit fell to 1.76 billion zlotys for the year ended December 2024 from 2.26 billion zlotys a year earlier.
Net interest income fell 2% on the year to 3.22 billion zlotys and net fee and commission earnings were at 571.4 million zlotys.
($1 = 3.8518 zlotys)
(Reporting by Julia Kotowska; Editing by Janane Venkatraman)
((julia.kotowska@thomsonreuters.com; +48 58 769 67 31;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.