Bank Polski (PKO) Q3 2026 earnings summary

Executive summary

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

• Customer financing rose 15.3% YoY to PLN 363bn and customer savings increased 13.3% to PLN 747bn; assets reached PLN 619.9bn.

• Strategy review will set priorities through 2030, targeting 30% overall market share and 20% in corporate banking.

Financial highlights

• 9M26 business income increased 1.0% YoY to PLN 23.194bn; core revenues rose 3.4% to PLN 23.294bn, excluding the CJEU-related cash-loan cost adjustment.

• 9M26 net interest income was PLN 18.499bn, up 1.7% reported and 2.6% comparable YoY; Q3 comparable NII rose 3.6% QoQ.

• 9M26 fee and commission income rose 8.2% YoY to PLN 4.193bn, supported by funds, brokerage, FX, lending and card income.

• 9M26 operating expenses rose 3.7% YoY to PLN 7.202bn; reported cost-to-income was 31.0%, with Q3 costs affected by annual salary increases.

• Q3 net profit was PLN 2.933bn versus PLN 2.838bn YoY; profit before tax was PLN 4.612bn versus PLN 3.705bn.

Outlook and guidance

• Lending growth may moderate next year against a high comparison base; the base case remains solid high-single-digit growth.

• NIM was expected to remain broadly stable near term; no next-year margin guidance was given amid uncertainty around rates, bond income and market pricing.

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

• The dividend corridor remained at a 75% average payout; CET1 was 285bp above the criterion for dividend payments of up to 75%.

• Strategy 2027 ambitions for several business and financial targets had already been reached; a Q4 2026 commercial launch was planned for a new growth initiative.