Bank Polski (PKO) Q1 2026 earnings summary

Executive summary

• Achieved one of the strongest quarters in the sector, with double-digit growth across all business lines, especially lending and customer savings, and net profit reaching PLN 2.52 billion, up 2.1% year-over-year despite higher taxes and margin pressure.

• Added over 320,000 new customers, with 25% of onboarding done digitally and a 60% higher acquisition rate than three main competitors combined.

• Maintained strong market positions in loans (19.8% share) and deposits (18.2% share), with leadership in retail investment funds and continued international expansion.

• Organic growth strategy is driving market share gains: 30% in retail banking and nearly 20% in corporate banking.

• ROE stood at 17.3%, with a cost/income ratio of 34.4% and cost of risk at 31 bps.

Financial highlights

• Net profit reached PLN 2.52 billion for Q1 2026, up 2.1% year-over-year, with gross income at PLN 4 billion and total assets at PLN 594 billion, up nearly 12% year-over-year.

• Net interest income was PLN 5.95 billion, nearly flat year-over-year, while fee and commission income grew 10% year-over-year.

• Customer savings increased 15% to PLN 707 billion; gross customer financing rose 12.7% to PLN 338 billion.

• Return on equity (ROE) annualized at 17.3%, with a strategic goal to remain above 18%.

• Cost-to-income ratio at 34.4%; operational efficiency among the best in Poland and Europe.

Outlook and guidance

• Forecasts economic growth for Poland at 3–3.5% in 2026 and 2027, with stable or slightly higher interest rates and inflation projected around 3.5%.

• Lending volumes and savings expected to grow in all key segments, with continued resilience to external shocks and improved creditworthiness among households.

• Dividend payout recommendation up to 75% of net profit, or PLN 6.14 per share, with a proposed distribution of PLN 7,675 million to shareholders.