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Poland's ING Bank Slaski Q3 profit beats estimates as provisions fall

By Reuters News

Oct 29 (Reuters) - Polish lender ING Bank Slaski INGP.WA reported on Thursday a third-quarter net profit above market forecasts, as double-digit growth in core income and lower risk provisions offset a higher tax bill.

The lender joins domestic rivals including Bank Pekao PEO.WA in exceeding third-quarter forecasts, as resilient core operations outweigh sector-wide headwinds from a lower interest rate environment and a 2026 tax hike tied to defence spending.


• The Polish unit of Dutch banking group ING INGA.AS said net profit rose 1.9% year-on-year to 1.13 billion zlotys ($287 million) against a consensus forecast of 1.07 billion zlotys

• Net interest income rose 11.5% to 2.44 billion zlotys, slightly ahead of the 2.42 billion zloty consensus forecast, helped by lower funding costs and higher lending income

• Net fee and commission income rose 15.7% to 692 million zlotys, boosted by a tripling of asset management and brokerage fees

• Provisions for expected credit losses plunged over 71% year-on-year, driven largely by a sharp drop in corporate provisions

• The bank's economists expect Polish rates to stay unchanged until end-2026 and see possible hikes totalling 50 basis points, to 4.25%, in early 2027

($1 = 3.9418 zlotys)

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