Earnings Poll: Poland's PKO BP expected to post 41% rise in Q4 net profit

Ipopema Securities SA

01/03/2023 13:44

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      PKO's Q4 results due March 10 before market open
    

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      Q4 net profit seen at 1.69 bln zlotys
    

  
       GDANSK, March 1 (Reuters) - Poland's biggest bank PKO BP
 PKO.WA  is expected to post a 41% rise in fourth-quarter net
profit to 1.69 billion zlotys ($386 million), driven by strong
net interest income and the booking of a deferred tax asset, a
Reuters poll showed on Wednesday.
    According to estimates from seven banks and brokerages, the
bank's net profit for the full year could amount to 3.29 billion
zlotys.
    Net interest income for the quarter is forecast at 4.08
billion zlotys, boosted by an increase in Polish interest rates
from 0.50% to 6.75% year-on-year.
    The bank said in January the quarterly results would be hit
by a new 738 million zloty provision for Swiss franc mortgages,
but it would also book a differed tax asset of 301 million
zlotys, which would have a positive impact on net profit.
    The following is a table of estimates. Figures in millions
of zlotys unless otherwise stated:
    
                    FOURTH QUARTER OF 2022  
==============================================================
               Net Income  Net Interest  Net Fee     Net
                             Income      Income   provisions
==============================================================
 Median         1,693        4,086        1,238       -414
 Average        1,692        4,079        1,235       -422
 Lowest         1,601        4,005        1,200       -508
 Highest        1,756        4,161        1,263       -364
 No. of f'casts    7            7            7          7 
 Q4 2021        1,203        2,669        1,195       -517
 Q3 2022         -237          816        1,282       -449
Forecasts provided by: BM Millennium, DM BOŚ, Erste Securities,
mBank BM, BM Pekao, Trigon DM, Ipopema Securities.
($1 = 4.3780 zlotys)

 (Reporting by Mateusz Rabiega ; Editing by Mark Potter)
 ((karl.badohal@thomsonreuters.com; +48 58 769 65 97))