Bank Polski (PKO) Q1 2026 earnings summary

Executive summary

• Achieved one of the strongest quarters in the sector, with double-digit growth in customer savings and financing, and total assets up 11.8% year-over-year to PLN 594 billion.

• Net profit reached PLN 2.52 billion for Q1 2026, up 2.1% year-over-year, driven by higher fee and commission income and lower legal risk costs, despite higher tax burdens and margin pressure.

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

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

• The group maintained strong market positions in loans (19.8% share) and deposits (18.2% share), and reinforced its leadership in retail investment funds.

Financial highlights

• Net interest income was PLN 5.95 billion, nearly flat year-over-year, as volume growth offset margin pressure.

• Fee and commission income increased by more than 10% year-over-year, driven by investment funds and brokerage activities.

• Total assets reached PLN 594 billion, up 11.8% year-over-year; customer receivables up 30% to PLN 338 billion.

• Savings increased by 15% to PLN 707 billion; equity at PLN 60 billion.

• 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 expected to see single-digit growth across all key segments.

• 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.

• Management expects continued growth in operations, focusing on digitalization, ESG, and international expansion.