Poland's government-owned Postal Bank (BP) has reported a historic profit of PLN 106.5 million (EUR 22.9 million) in the first half of 2023, marking its most substantial half-yearly and annual

profit to date, according to official sources.

The Postal Bank's earnings for the January-June 2023 period saw a remarkable increase of PLN 57.2 million (EUR 12.3 million) compared to the same period in 2022, as reported by wgospodarce.pl.

This milestone in the Postal Bank's financial performance was attributed to two key factors, according to officials.

Firstly, the bank benefited from a boost in interest revenue, driven by interest rate hikes by Poland's central bank (NBP). In the first half of 2023, the Postal Bank's interest revenue reached PLN 238 million (EUR 51.2 million), marking a substantial 36.1% surge compared to the first half of 2022.

Secondly, the Postal Bank successfully executed a comprehensive reform program, encompassing cost-saving measures, technological enhancements, and a rejuvenation of its banking products and services, as outlined by wgospodarce.pl.

Overall, the Postal Bank's total revenue for the January-June 2023 period increased by 12.9% year-on-year, according to official statements.

During this time frame, the Postal Bank also welcomed 16,500 new retail customers, raising the total customer count to 726,000, in addition to gaining 27,900 new institutional customers, according to wgospodarce.pl.

The Postal Bank offers financial services catering to individual customers, small and medium-sized enterprises (SMEs), and institutions, utilizing its own network and the facilities provided by the Polish Post.

Majority ownership of the Postal Bank is held by the state-run Polish Post, with a minority stake owned by the state-run PKO BP bank. Photo by Rocky3068, Wikimedia commons.