Bank Polska Kasa Opieki SA (FRA:BP1)

Half Year 2026 Bank Polska Kasa Opieki SA Earnings Call Transcript

Jul 30, 2026 / 10:00 AM GMT

Release Date Price: €54.62 (+0.26%)

Transcript

Key Points

Positve

Bank Polska Kasa Opieki SA (BKPKF) reported strong loan growth of 10% total, with corporate loans up 13.3% and cash loans up 15%, driven by record-high sales in Q2.
The bank achieved a robust 11% year-on-year growth in commission income, with contributions across all major categories including loans, cards, and asset management.
Bank Polska Kasa Opieki SA (BKPKF) maintained a strong capital position, with a surplus in CET1 and total capital ratio, and successfully completed three Eurobond issuances totaling EUR 1.71 billion at excellent terms.
The bank's digital penetration improved significantly, with the mobile app now at par with competitors, and it opened nearly 230,000 new premium accounts, over a third of which were for customers under 26.
Cost of risk remained stable at 34-42 basis points, with low loss ratios in retail and normalized levels in corporate, while NPLs declined due to a profitable sale of a retail NPL portfolio.
Management expressed optimism about NIM stability, noting that interest rate cuts have been fully accounted for, and the bank's hedging strategy (IRSs) reduces sensitivity to future cuts to 10-15 basis points per 100 bps.

Negative

Bank Polska Kasa Opieki SA (BKPKF) faces significant pressure on net interest margin (NIM), which declined by 35-36 basis points year-on-year due to lower interest rates, despite volume growth.
The bank operates under the highest tax thresholds in Europe, with a surplus income tax negatively impacting results, and ROE is below targets due to these tax issues.
Credit spreads are under major pressure, especially in the corporate segment, where competition is intense and each bank aims to grow, leading to margin compression.
The bank faces legal risks from the European Court of Justice ruling on consumer loans, which could lead to complex product restructuring and potential charges, as seen with a PLN 420 million write-off in Q2.
Costs are rising, with wage inflation at a one-digit rate and depreciation growing at a double-digit rate due to IT investments and marketing efforts, putting pressure on the cost-income ratio.
The bank's cost-income ratio remains above its ambition level at around 35%, and management does not approach the target dogmatically, indicating potential for further inefficiencies.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PEO.WA - Bank Polska Kasa Opieki SA
Half Year 2026 Bank Polska Kasa Opieki SA Earnings Call
Jul 30, 2026 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen. A very warm welcome at the conference dedicated to the presentation of the results of BankBek LSA. For the first half of 2026, we have Cesari Sabukovsky, CEO, Dakmara Ng and Ernest Peklarczyk. And over to the CEO.

Okay, there are good forecasts for the second-half of the year, so we are optimistic.

Profits are under pressure, but you are all aware of that.

We operate in the environment of the highest tax thresholds in Europe, so the surplus of.

Income tax also hits the results of the bank, it is worth stressing that our core categories continue to grow. Core categories of credit assets may be slightly less in mortgage loans but here we have

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