Profil:
Santander Bank Polska SABiuro Maklerskie mBanku SA - SANTANDER BANK POLSKA 30.10.2025 (hold / PLN 551.69) – Robust Q3, Integration and CIT Risks Ahead
We slightly adjust our target price to PLN 551.69 per share, keeping our “Hold” rating unchanged. Santander Bank Polska (“Santander”) reported a stronger-than-expected 3Q’25 net income, while its pre-provisioning operating profit was in line with expectations. We expect elevated CHF provisioning again in 4Q’25, followed by continued write-offs in the projected amount of PLN 1.26bn in 2026 (-40% Y/Y).
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