Earnings Poll: Santander's Polish unit Q3 profit seen rising five-fold y/y

Ipopema Securities SA

24/10/2023 12:27

* 
      Santander Bank Polska Q3 results due Oct. 25 
    

        * 
      Net profit seen up at 1.47 bln zlotys on higher net interest income
    

  
       GDANSK, Oct 24 (Reuters) - The Polish arm of Spain's Santander  SAN.MC 
is expected to post a more than five-fold year-on-year rise in third-quarter net
profit, driven by higher net interest income, a Reuters poll showed on
Wednesday.
    Santander Bank Polska  SPL1.WA  is seen posting a net profit of 1.47 billion
zlotys ($350.27 million) in the third quarter, according to the average forecast
in a survey of eight banks and brokerages.
    The improvement is expected despite a provision for the bank's foreign
exchange loans portfolio. The bank has forecast a third-quarter FX mortgage
provision of 294 million zlotys, down from 728.9 million zlotys in the second
quarter.
    The following table summarises forecasts for Santander Bank Polska results:
(Figures in millions of zlotys unless stated otherwise)    
    
                  THIRD QUARTER OF 2023
==================================================
               Net Income  Net Interest  Net Fee     
                             Income      Income    
===================================================
  Median          1471       3245         678        
  Average         1474       3261         676       
  Lowest          1377       3225         661       
  Highest         1590       3326         687       
 No. of f'casts     8          8           8        
  Q3 2022         279        1641         666       
  Q2 2023         1130       3200         678       

Forecasts provided by: DM mBank, Erste Group, Ipopema Securities, Millennium DM,
Trigon DM, Pekao BM, DM BOS, and DM PKO BP.



($1 = 4.1968 zlotys)

 (Reporting by Mateusz Rabiega; 
Editing by Mark Potter)
 ((Mateusz.rabiega@thomsonreuters.com; +48 58 769 67 57))