Bank Polski (PKO) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached PLN 5.29 billion, up 3.1% year-over-year, with profit before tax at PLN 8.32 billion, and ROE at 18.4%.

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

• Maintained high cost efficiency (C/I ratio at 31.6%) and low cost of risk (30 bps), with strong capital base (CET1 at 15.55%, TCR at 16.80%).

• Recognized PLN 0.7 billion in CHF legal risk provisions, with over 90% of active contracts covered by settlements or court rulings.

• Received multiple industry awards for digital banking, service quality, and innovation.

Financial highlights

• Net interest income for H1 2026 was PLN 12.03 billion, slightly down from H1 2025, while net fee and commission income rose 10.1% year-over-year.

• Operating expenses increased 1.9% year-over-year, with cost growth slowing and C/I ratio at 31.6%.

• Total assets reached PLN 608 billion (+11.2% y/y), equity at PLN 56 billion.

• Customer financing at PLN 350 billion (+13.9% y/y), customer savings at PLN 721 billion (+12.9% y/y).

• Earnings per share for H1 2026 were PLN 4.23, up from PLN 4.10 in H1 2025.

Outlook and guidance

• Lending activity expected to recover further, supported by favorable macroeconomic conditions and easing monetary policy.

• GDP growth forecast for Poland at 3.5% in 2026, with inflation projected at 3.2% and NBP reference rate at 3.75%.

• Management confirmed the group’s ability to continue as a going concern for at least 12 months from the approval date.