In brief

• PKO BP expects to maintain double-digit loan growth in the coming quarters.
• The consumer and mortgage loan portfolios are growing year on year at roughly 20% and 15%, respectively.
• Group net profit after three quarters amounted to PLN 8.22 billion, 3.2% higher than a year earlier.
• By year-end the bank wants to implement a model mortgage loan agreement.

Portfolio growth across three segments

On Thursday PKO BP reported that consumer loans grew by almost 20% year on year, and mortgage loans by slightly over 15%. The corporate loan portfolio increased by 17.6% (PKO BP chce utrzymać dwucyfrowy wzrost kredytów - Bankier.pl – bankier.pl)

Market share and sales pace

The bank is gaining share of the retail lending market faster than any other bank in the country. This year its share rose by 1.2 percentage points, almost twice as fast as the next bank. For the third quarter in a row the bank is recording double-digit growth in all key lending segments.

Group results after three quarters

Group net profit attributable to the shareholders of the parent company from January to September amounted to PLN 8 billion 223 million, compared with PLN 7 billion 967 million a year earlier, an increase of 3.2%. Gross profit rose from PLN 10 billion 644 million to PLN 12 billion 931 million. The improvement is attributed, among other things, to lower legal risk costs related to Swiss-franc mortgage loans, which allowed provisions to be reduced by PLN 2 billion 426 million. A higher income tax burden, after the CIT rate for banks was raised to 30%, reduced the result by PLN 2 billion 32 million (PKO BP zarobił więcej niż przed rokiem. Są dane za III kwartał – parkiet.com).

Strategy goals and digital sales

CEO Szymon Midera said the bank had already achieved the key goals of its strategy for the end of 2027 in September. It is now raising its ambitions and developing sales through digital channels to sustain the pace of growth and relieve branch staff.

Margin and lower rates

According to the CEO, loan growth is meant to offset the decline in revenue resulting from lower interest rates. Other sources of revenue are also growing, and their value has likewise increased over nine months.

Model mortgage agreement

By the end of the year the bank wants to implement a model mortgage loan agreement, i.e. a uniform template of terms for this product.

Read also

• PKO BP przebił prognozy. Prawie 3 mld zł zysku netto w III kwartale
• PKO BP aktualizuje strategię, bo realizuje cele szybciej, niż zakładał
• Prezes PKO BP: inwestycje w Polsce zaczynają rosnąć, nakłady mogą przekroczyć 700 mld zł