Earnings Poll: Santander's Polish unit Q1 profit seen down 32% y/y

Ipopema Securities SA

27/04/2021 14:15

* Santander Bank Polska Q1 results April 28 before market
opens
    * Net profit seen down at 116 million zlotys on higher
provisions

    WARSAW, April 27 (Reuters) - The Polish arm of Spain's
Santander is expected to post a 32% year-on-year drop in a
first-quarter net profit on higher provisions for risks related
to foreign currency loans and lower net interest income, a
Reuters poll showed on Tuesday.
    Santander Bank Polska  SPL1.WA  is seen posting a quarterly 
net profit of 116 million zlotys ($30.72 million), the survey of
nine banks and brokerages showed. 
    Swiss franc loan portfolios remain a major risk factor for
Polish banks, which face lawsuits from franc mortgages holders
who have seen costs rise after a surge in the value of the
currency.
    Santander said in March that provisions related to its
foreign exchange loan portfolio would have a 194.6 million
zlotys impact on first-quarter results.  urn:newsml:reuters.com:*:nFWN2LS0Q9

    The following table summarises forecasts for Santander Bank
Polska results:
(Figures in millions of zlotys unless stated otherwise)    
                  FIRST QUARTER OF 2021
==================================================
               Net Income  Net Interest  Net Fee     
                             Income      Income    
===================================================
  Median          108        1415         561        
  Average         116        1413         562       
  Lowest           92        1395         546       
  Highest         187        1433         575       
 No. of f'casts    9           9           9           
  Q1 2020         171        1636         538       
  Q4 2020          82        1411         569       
Forecasts provided by: DM mBank, Ipopema Securities, Trigon DM,
Haitong, DM BDM, DM BOS, Millennium DM, DM PKO BP, Erste
Securities.
($1 = 3.7758 zlotys)

 (Reporting by Anna Koper. Editing by Mark Potter)
 ((anna.koper@thomsonreuters.com; +48 22 104 25 24; Reuters
Messaging: anna.koper.reuters.com@thomsonreuters.com))