Pekao books 193 million subsidies from Idea Bank rescue deal.

Bank Pekao earned almost PLN 246 million in Q1 2021, nearly PLN 60 million more than the year earlier.

When presenting the results, Vice President Tomasz Kubiak referred to Idea Bank, taken over at the turn of the year, and its impact on finances. It turns out that the fears of some observers did not come true.

Bank Pekao estimates that the impact of the acquired Idea Bank on the annual results in the entire 2021 will not only be negative but will even be “slightly positive”. In the first quarter alone, it was essentially neutral.

Bank Pekao took over Idea Bank on January 3, 2021. It was quite a surprising decision taken by the Bank Guarantee Fund (BFG). It was related to a very difficult situation at IdeaBank. At that time, the assets of the acquired bank were not sufficient to satisfy its liabilities, which in practice meant that the bank’s equity was negative. And we are talking about almost PLN 500 million negative.

It is worth noting that the entire transaction was specially secured by the BGF so that it would not adversely affect Pekao’s liquidity.

Therefore, Pekao received PLN 193 million in subsidies in the first quarter.


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