市场评论

Banks can benefit again from higher interest rates, but the gains will be uneven and are not automatic. What matters is the difference between income from loans and other assets and the cost of deposits and other funding.

How does the benefit arise?

After a rate increase, floating-rate loans can earn more at their next reset. New loans and investments can also offer higher yields. If deposit rates rise more slowly, net interest income — interest income minus interest expense — can improve. Banks with stable customer balances paying little interest are particularly well placed. [1, 6]

The entire balance sheet does not reprice immediately: existing fixed-rate loans and fixed-coupon bonds retain their contractual terms. Repricing dates and interest rate hedges matter. [1]

What is different this time?

The position in October 2026 differs across markets:

In the United States and the euro area, renewed increases create an opportunity to rebuild net interest income. Poland currently has no new boost from policy rate increases. Holding rates can support earnings relative to a scenario of further cuts. That is a comparison of scenarios, rather than a guarantee of rising profits.

According to KNF, Poland's banking sector earned PLN 29.4 billion in net profit during January–August 2026, down 12.0% year on year. Its tax charge also increased by approximately PLN 5.2 billion. The decline in net profit therefore cannot be attributed to interest rates alone. These figures do not cover the effects of the Fed's and ECB's September decisions. [5]

What could offset the gains?

Competition for savings and customers moving money into better-paying term deposits increase funding costs. Higher repayments can weaken loan performance, while a softer economy can reduce demand for new credit. The ECB identifies these risks in its Financial Stability Review. [6]

Higher bond yields also reduce the market value of previously purchased fixed-coupon bonds. The effect on reported earnings and capital depends, among other factors, on accounting classification, hedging and whether the bonds are sold. [1]

Our assessment: banks with cheap, stable deposits, assets that reprice quickly and sound credit quality have the strongest opportunity to benefit. If increases coincide with a sharp economic slowdown, additional credit loss provisions and costs can consume the improvement in net interest income. In upcoming reports, watch net interest margins, deposit costs, credit loss provisions and net profit.

Sources

1. BIS / FSI — Rising interest rates and implications for banking supervision, May 2023.
2. Federal Reserve — FOMC statement, 16 September 2026.
3. ECB — official policy rates and effective dates.
4. NBP — Monetary Policy Council decision, 7 October 2026.
5. KNF — banking sector figures for August 2026, pp. 5–6.
6. ECB — Financial Stability Review, May 2026, Chapter 3.