Bank Polski (PKO) investor relations material

Executive summary

• 9M26 net profit was PLN 8.223bn, up 3.2% YoY; stronger income and lower mortgage legal-risk costs partly offset higher taxes and expenses.

• Assets reached PLN 619.9bn; customer financing grew 15.3% YoY and customer savings rose 13.3%.

• CET1 was 15.28%, with a 285bp surplus over the minimum dividend-distribution criterion; total capital ratio was 17.18%.

• Q&A covered NII sensitivity, consumer legal provisions, Q4 costs, dividends, capital actions and POLSTR transition effects.

Financial highlights

• 9M26 net interest income was PLN 18.499bn, up 1.7% reported and 2.6% excluding the CJEU cash-loan cost adjustment; Q3 comparable NII rose 3.6% QoQ.

• 9M26 fee and commission income rose 8.2% YoY to PLN 4.193bn; Q3 fees included a PLN 30mn QoQ impact from vehicle residual-value reviews and amortization.

• 9M26 operating expenses rose 3.7% YoY to PLN 7.202bn; Q4 is expected to have the year's highest quarterly costs due to salary changes and seasonal project spending.

• 9M26 net profit was PLN 8.223bn, up 3.2%; Q3 net profit was PLN 2.933bn, up 3.4% YoY and down 7.2% QoQ.

• Q2 card fees benefited from a one-off Visa and Mastercard settlement of ~PLN 26mn; excluding its absence in Q3, card-fee results were higher QoQ.

Outlook and guidance

• 2026 forecasts put GDP growth at 3.6%, CPI inflation at 3.1% and the NBP reference rate at 3.75% at year-end; 2027 forecasts are 2.8%, 3.3% and 3.00%.

• Banking-sector loan growth is forecast at 5.5% in 2026 and 6.9% in 2027; mortgage growth at 9.9% and 8.7%, and consumer-loan growth at 9.8% and 8.3%.

• New variable-rate mortgages using a POLSTR-family benchmark launched on 3 September 2026; transition of other WIBOR-based products is planned for late Q4.

• The bank corporate tax rate is scheduled to fall from 30% in 2026 to 26% in 2027 and 23% in 2028.