Poland's top bank PKO BP nets EUR 480 mln in 1st half of 2019

Kalbar/TFN

Poland's flagship bank PKO BP posted PLN 2.08 billion (EUR 480 million) in net profit in the first half of 2019, 23 percent up year-on-year, the bank wrote in its half-year report, published on Tuesday.

In the 2nd quarter of 2019, the bank posted PLN 1.21 billion (EUR 280 million) net profit, up 3.4 percent from PLN 933 million (EUR 215.6 million) in the second quarter of 2018 and above the consensus expectations at PLN 1.17 billion (EUR 270 million).

The interest income amounted to PLN 2.53 billion (EUR 580.0 million) in the second quarter of 2019 and was 11 percent higher compared to the same period of the previous year and 3 percent higher than in the previous three months.

The net fee and commission income reached PLN 760 million (EUR 175.7 million), up 2 percent year on year as well as quarter on quarter.

The bank's costs reached PLN 1.44 billion (EUR 330 million) and were 1 percent higher year on year and lower by 14 percent on the previous quarter's figure.

Impairment allowances reached PLN 322 million (EUR 74.4 million) in the second quarter of 2019.

The total capital ratio was at 18.57 percent at the end of the second quarter.