CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Poland's Bank Pekao tops quarterly profit forecasts despite tax-driven drop

By Reuters News

Oct 29 (Reuters) - Bank Pekao PEO.WA reported an about 20% drop in its third-quarter profit mainly due to the higher income tax Poland levied on domestic banks to fund defence spending, but still beat market expectations on Thursday.

Pekao joins rivals mBank MBK.WA, Millennium MILP.WA and Alior ALRR.WA in exceeding third-quarter forecasts, helped by resilient core operations and lower costs related to Swiss franc loans, even as Polish banking profits are squeezed by higher taxes, earlier rate cuts and consumer-loan claims.

  • Quarterly net profit fell to 1.52 billion zlotys ($386 million), against a company-compiled consensus of 1.46 billion

  • Net interest income rose 2.8% to 3.53 billion zlotys, broadly in line with expectations, helped by lower deposit costs and loan growth

  • Net fee and commission income rose 11.2% to 853 million zlotys, slightly above consensus, driven by fees on loans and investment and insurance products

  • Bank Pekao economists expect cumulative rate hikes of 75 basis points at the turn of 2026 and 2027

  • As of end-September, 2,380 free credit sanction cases were pending, with a disputed value of 75.9 million zlotys

($1 = 3.9418 zlotys)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.