Bank Polski (PKO) investor relations material

Executive summary

• Net profit for H1 2026 reached PLN 5.29 billion, up 3.1% year-over-year, with ROE at 18.4% and a robust capital base (CET1 at 15.55%).

• Double-digit growth in customer savings (+12.9% y/y) and financing (+13.9% y/y), with total assets surpassing PLN 608,448 million.

• Market share targets achieved in cash loans and mortgages, with significant increases in retail and corporate lending.

• Recognized for digital innovation and customer service, winning multiple industry awards.

Financial highlights

• Net interest income for H1 2026 was PLN 12,027 million, slightly down from PLN 12,135 million in H1 2025, with NIM at 4.35%.

• Fee and commission income rose 10.1% y/y to PLN 2,785 million, driven by investment funds, brokerage, FX, and lending.

• Operating expenses increased 1.9% y/y to PLN 4,815 million, with a cost/income ratio of 31.6%.

• Cost of risk remained low at 30 bps, reflecting stable asset quality.

• Legal risk provisions for CHF loans totaled PLN 24.3 billion since 2019, with a significant reduction in H1 2026 and over 90% of contracts settled or in process.

Outlook and guidance

• NIM is expected to remain stable around current levels for the remainder of the year, with only slight changes anticipated.

• Lending activity is expected to accelerate, supported by favorable macroeconomic conditions and easing monetary policy, with GDP growth forecast for Poland at 3.5% for 2026.

• Cost growth for 2026 is guided to mid to high single digits, reflecting normalization after years of high inflation and ongoing strategic initiatives.

• CHF provisioning for 2024 is expected to be around PLN 1.5 billion, with management viewing this as the last year of significant provisioning.

• The group continues to operate on a going concern basis, with no identified threats to its ability to continue operations.