Poland’s PKO BP Q2 net profit expected at 335 million zlotys – Reuters poll

GDANSK (Reuters) – Poland’s biggest bank, PKO BP, is expected to report a 73% year-on-year drop in second-quarter net profit, following provisions for loans in Swiss francs and an institutional protection scheme (IPS) contribution, a Reuters poll showed on Tuesday.

State-run PKO BP is expected to report a net profit of 335 million zlotys ($72.26 million) for the quarter, the survey of eight banks and brokerages showed.

That would result in a net profit of 1.75 billion zlotys for the first half of 2022.

The 73% drop compared with the same period a year ago follows a 1.18 billion zlotys provision for Swiss franc loans, and a 872 million zlotys contribution paid to an IPS.

The following is a table of estimates. Figures in millions

of zlotys unless otherwise stated:

Second quarter of 2022

==============================================================

Net Income Net Interest Net Fee Net

Income Income provisions

==============================================================

Median 335 3,651 1,191 -300

Average 335 3,661 1,195 -292

Lowest 287 3,638 1,179 -319

Highest 389 3,731 1,217 -255

No. of f’casts 8 8 8 7

Q2 2021 1,236 2,405 1,055 -261

Q1 2022 1,416 3,200 1,179 -504

Forecasts provided by: Ipopema Securities, DM Millenium, DM Pekao, DM mBank, DM BOS, Erste Securities, Trigon DM, and DM Santander.

($1 = 4.6346 zlotys)

(Reporting by Mateusz Rabiega; Editing by Barbara Lewis)