Earnings Poll: Santander's Polish unit Q2 profit seen down 65% y/y

Ipopema Securities SA

23/07/2021 14:55

* Santander Bank Polska Q2 results due July 28 
    * Net profit seen down at 108 mln zlotys on higher
provisions

    WARSAW, July 23 (Reuters) - The Polish arm of Spain's
Santander  SAN.MC  is expected to post a 65% year-on-year drop
in its second-quarter net profit due to higher provisions for
risks related to foreign currency loans, a Reuters poll showed
on Friday.
    Santander Bank Polska  SPL1.WA  is seen posting a net profit
of 108 million zlotys ($27.8 million) in the second quarter, 
which would put its profit for the first half of 2021 at 260
million zlotys, the survey of nine banks and brokerages showed. 
    Earlier in July, Santander said provisions related to its
foreign exchange loan portfolio would have a 518.4 million
zlotys impact on second-quarter results.  urn:newsml:reuters.com:*:nL5N2OE32U
    
    The following table summarises forecasts for Santander Bank
Polska results:
(Figures in millions of zlotys unless stated otherwise)    
                  SECOND QUARTER OF 2021
==================================================
               Net Income  Net Interest  Net Fee     
                             Income      Income    
===================================================
  Median          101        1407         603        
  Average         108        1406         601       
  Lowest           54        1392         581       
  Highest         171        1417         619       
 No. of f'casts     9           9           9          
  Q2 2020         305        1458         492       
  Q1 2021         152        1377         611       
Forecasts provided by: DM mBank, Ipopema Securities, Trigon DM,
Haitong, DM BDM, DM BOS, Wood&Co, Pekao IB, Millennium DM. 
($1 = 3.8828 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))