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PKO BP. PKO BP profit above expectations, results of the largest bank in Poland – Q2 2023

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In the second quarter of 2023, the PKO Bank Polski capital group recorded a net profit of PLN 587 million, the bank informed in the report. This is more than in the same period last year, when the bank’s profit amounted to PLN 421 million. The bank’s result also turned out to be better than expected.

The market consensus, i.e. the median of analysts’ forecasts, assumed a profit of PLN 489.7 million. The expectations of eight brokerage houses ranged from PLN 395 million to PLN 530 million. Net profit in the period from April to June increased by 39 percent. year-on-year and decreased by 60%. quarter to quarter.

PKO BP wrote about “a solid result thanks to a record level of income, operational efficiency and stable costs of credit risk, which offset the significant increase in the cost of provisions for CHF legal risk”.

PKO BP announced its financial results

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In the second quarter, the bank’s results were weighed down by a large provision for the Swiss franc loan portfolio. PKO BP announced that the cost of legal risk of mortgage loans in convertible currencies amounted to PLN 2.47 billion. These provisions were at the level previously estimated by the bank.

PKO BP has a program of settlements with franchise holders. Data from the end of June shows that more than half (51%) of eligible customers are subject to settlement proceedings. More than 52,000 have been submitted. requests for mediation, more than 31,000 settlements.

The number of new proceedings in the second quarter was 2,558, which means an increase of 38.3 percent. year-on-year and a decrease of 4.2 percent. quarter to quarter.

After the first half of 2023, the net profit of the PKO BP group increased to PLN 2.041 billion from PLN 1.847 billion a year earlier.

In the second quarter, the bank created lower than expected loan provisions. The balance of provisions in the second quarter of 2023 amounted to PLN 226 million, while analysts expected a 17% increase. higher write-downs at the level of PLN 273.4 million. Expectations ranged from PLN 209 million to PLN 362 million.

The bank’s net interest income amounted to PLN 4.392 billion and turned out to be slightly, by 2.1 percent, higher than the analysts’ expectations, who expected it to amount to PLN 4,302.2 billion. Net fee and commission income amounted to PLN 1.111 billion and was 2.5% below market expectations, which expected PLN 1.138.9 billion.

The bank boasted an increase in the number of customers to 11.8 million.

Secure credit 2 percent

It was reminded that PKO BP’s offer included the Safe Credit 2 Percent and the Housing Account, which are elements of the government program First Apartment.

The bank said that currently customers have submitted 13,000. applications for Secure Credit 2 percent, is 73 percent. all mortgage applications. The average loan amount requested is PLN 407,000. zloty.

2% secure loan also introduced to their offer Bank Pekao, Alior Bank and VeloBank.

Main photo source: pkobp.pl

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