Lending has decelerated in Poland in 2016. The growth in deposits is also slower. In 2016, the outstanding corporate debt increased by PLN 16 billion „only”. At the same time, the retail debt jumped by twice as much. The recent shift in trends could be attributed to the worsening corporate investment climate as well it might be partially a consequence of the "bank tax" which has effectively made investments in government debt more attractive than commercial lending for banks (tbonds are exempted from tax). Moreover, the bank tax makes low margin (corporate) loans unprofitable for banks, forcing them to focus on high margin consumer loans instead. For more relaed content please visit our site at: http://www.inteliace.com/en/publications.html

1. Inteliace Research
BankingsectorinPoland,2016
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Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
Lending has deccelerated in Poland in 2016. The growth in deposits is also slower.
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Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
Loans
+9%
+8%
+5%
+5%
Deposits
Annual growth rates in key banking volumes in Poland, Dec. 2013 - Dec. 2016
In percent – YoY change, Preliminary data from M3 statistics of the NBP.
* Based on preliminary data
Source: NBP, Inteliace Research
Corporates
Households
Corporates
+xx%
YoY
change
Households

2. Inteliace Research
BankingsectorinPoland,2016
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HouseholdsCorporates
249.3 19.5 268.8
Dec-15 ∆ Dec-16
324.0 16.0 340.0
Dec-15 ∆ Dec-16
646.0
58.9 704.9
Dec-15 ∆ Dec-16
632.5 32.6 665.1
Dec-15 ∆ Dec-16
Deposits
Loans
+7.8%
+4.9%
+9.1%
+5.2%
* Based on preliminary data
Source: NBP, Inteliace Research
Annual change in key banking volumes in Poland, Dec. 2015 - Dec. 2016
In PLN billion, data from M3 statistics* of the NBP
In 2016, the outstanding corporate debt increased by PLN 16 billion „only”. At the same
time, the retail debt jumped by twice as much.
+xx%
Annual
change

3. Inteliace Research
BankingsectorinPoland,2016
Banking volumes in Poland in 2016 – Key takeways
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• Lending has decelerated in Poland in 2016. The growth in deposits is
also slower.
• In 2016, the outstanding corporate debt increased by PLN 16 billion
„only”. At the same time, the retail debt jumped by twice as much.
• The recent shift in trends could be attributed to the worsening
corporate investment climate as well it might be a consequence of the
"bank tax" which has effectively made investments in government debt
more attractive than commercial lending for banks (t-bonds are
exempted from tax).
• The bank tax makes low margin (corporate) loans less profitable for
banks, forcing them to focus on high margin consumer loans instead.

4. Inteliace Research
BankingsectorinPoland,2016
4
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5. Inteliace Research
BankingsectorinPoland,2016
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