Poland’s PKO BP bank posts 3rd quarter profit

PKO BP, Poland’s largest lender, posted a net profit of EUR 805 million after three quarters, a 77.3-percent increase year on year.

The bank’s consolidated financial results for the three quarters reveal that the biggest growth was registered in the net fee and commission income, up by 9.07 percent, as well as in total assets, which increased by 6.63 percent.

PKO saw a 49.54-perent reduction in expected net credit losses, while it also reduced its administrative expenses by 2 percent.

Although Bank PKO BP is satisfied with the effects of a programme it started last month to convert FX mortgages into PLN ones, clients could be hit by the recent interest rate hikes.

“We estimated that that level (of FX mortgage settlements – PAP) may approach 70-80 percent, but looking at the market situation and the increase in the interest rates I would estimate today that this percentage might be lower,” Piotr Mazur, the banks deputy CEO, told a teleconference.

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