The bank's net profit in the second quarter of 2013 rose to 741.8 mln PLN, from 704.2 mln PLN the year before, states the report from the Pekao SA bank. The net profit of the second largest bank in Poland has turned out to be above market expectations of 651.3 mln PLN and these results are above analyst's expectations.
The expectations of sixteen Polish brokerage offices regarding the net profit for the second quarter ranged between 621 mln PLN and 690 mln PLN. The bank's interest result in the second quarter was slightly above one billion PLN (1,081.7 mln PLN) and was in line with analyst's expectations. Net commission income in the second quarter of 2013 was 573.4 mln PLN, in accordance with market estimate of 569.5 mln PLN (expectations ranged from 553 mln PLN to 591 mln PLN). In addition: credit impairment charges in the second quarter of 2013 were at 160 mln PLN, i.e. lower than what experts have forecasted.
The market expected the charges to be at 174.6 mln PLN. In times of the economic slowdown, Poles are paying off their credits better than what was expected.
A strong player on the Polish market: Bank Pekao SA, is a universal bank with its headquarters in Warsaw, Poland, and 59% of the company is owned by the Italian bank UniCredit. The bank was founded in 1929 by the Ministry of Treasury as a national bank, mainly to provide financial services to many Poles living abroad.
Author: Norbert Gawłowski / pr-controlled.com ©
Photos: Pekao SA