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Bank Handlowy w Warszawie SAUPDATE: Bank Handlowy's loss on sale of retail arm to ease to around PLN 329 mln due to CIT act changes
Bank Handlowy, the Warsaw-listed unit of Citigroup, estimates that the impact of the CIT tax rate change - in the aftermath of the recent law amendment - in 2026 will reduce the net loss from the transaction of its consumer business exit to approximately PLN 329 million (EUR 77.7 mln), the lender has announced in a market filing.
"As a consequence of the revaluation of the net asset which results from an increase in the tax rate from 19 percent to the rate applicable at the expected time of realization of temporary differences (respectively: 30 percent in 2026, 26 percent in 2027 and 23 percent in subsequent years), the bank estimates that the positive impact on bank's net income for 2025 will amount to approximately PLN 120 million (of which PLN 52 million relates to the reduction of the net loss associated with the exit from the consumer business)," the release reads.
The above value is an estimate of the impact based on the data and components of the net deferred tax asset for the first three quarters of 2025. Further to the current report as of May 27, 2025, the bank said that the impact of the tax rate change in 2026 would reduce the net loss from the transaction of consumer business exit to approximately PLN 329 million (EUR 77.7 mln).
The positive impact resulting from the revaluation of the net deferred tax asset will affect the bank's financial results in Q4 of 2025 and is of an one-off nature, the lender added.
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