Profil:
PKO BP SAPKO BP lender's Q1 net profit at nearly PLN 2.47 bln, slightly above expectations
Poland's largest lender by assets PKO BP group's net profit in the first quarter of 2025 rose to PLN 2.469 billion (EUR 577.3 mln) from PLN 2.044 billion (EUR 478 mln) a year earlier, the bank said in a report. The bank's profit was 2.4 percent above market expectations of nearly PLN 2.412 billion (EUR 564 mln).
The expectations of seven brokerage firms for first quarter net profit ranged from PLN 2.365 billion (EUR 557.7 mln) to PLN 2.441 billion (EUR 575.6 mln).
Net profit increased 21 percent year on year and 1 percent quarter on quarter.
Legal risk costs of mortgages in convertible currencies, charged to first quarter results, fell to PLN 973 million (EUR 229.5 mln) from PLN 1.338 billion (EUR 315.5 mln) a year earlier. The bank previously reported this provision.
The bank's interest income in the first quarter amounted to PLN 5.982 billion (EUR 1.41 bln) and came close to analysts' expectations of PLN 5.905 million (EUR 1.39 bln). Interest income rose 15 percent year on year and fell 3 percent quarter on quarter.
Net fee and commission income amounted to PLN 1.253 billion (EUR 295.5 mln), below the market's estimate of PLN 1.290 billion (EUR 304.2 mln). Net commission income fell 2 percent year on year and 1 percent quarter on quarter.
The balance of provisions amounted to PLN 412 million (EUR 97.2 mln), while analysts had expected 9 percent lower provisions at PLN 377.4 million (EUR 89 mln). Provisions rose 31 percent year on year and 5 percent quarter on quarter.
The bank's operating expenses amounted to PLN 2.52 billion (EUR 594.3 mln) in the first quarter, which was in line with market expectations of PLN 2.526 billion (EUR 595.7 mln). Costs increased 16 percent year on year and 11 percent quarter on quarter.
seb/ han/