Half Year 2026 Erste Bank Polska SA Earnings Call Transcript
Key Points
- Net profit increased 14% quarter-over-quarter to $1.173 billion in Q2 2026, driven by strong business activity.
- Customer acquisition surged, with over 300,000 new customers in H1 2026, including a 17% increase in retail and 11% in SME segments.
- Digital engagement grew significantly, with mobile banking app users up nearly 10% year-over-year to 3.5 million.
- Net fee income rose 5% year-over-year in H1 2026, supported by strong growth in asset management fees (+33%) and credit fees (+22%).
- Cost of risk remained low at 35 basis points, with NPL ratio improving to 3.6% from 3.9% a year ago, reflecting solid portfolio quality.
- Net interest income declined 3% year-over-year in H1 2026, impacted by a $71.2 million negative adjustment from a European Court of Justice ruling.
- Rebranding and integration costs totaled $282 million in H1 2026, weighing on overall expenses and cost-to-income ratio.
- Effective tax rate rose sharply to 39.7% in Q2 2026 from 24.5% a year ago, significantly reducing net profit.
- Net fee income in Q2 2026 was slightly lower than Q1 due to temporary promotional costs in the SME segment.
- Uncertainty remains around regulatory risks, including potential provisions for unauthorized transactions and European Court of Justice rulings on loan costs.
Ladies and gentlemen, welcome. My name is Agnieszka Borzewska. I'm Investor Relations Director at Ersta Bank Polska. I want to welcome you all to the presentation of Ersta Bank Polska earnings after the first half of 2026.
Presentation will be led by Michal Gajewski, CEO, Matthew Raliga, board member in charge of Strategy and Investor Relations, and Bernhard Leder, board member in charge of Finance and Accounting Division, CFO.
Bernhard Leder joined board in June 2026. Before we start.
Throughout this call, you can ask your question using the link available online. You can send me your questions directly to my e-mail.
You can follow the presentation on our website.
Good morning.
Thank you, Agnieszka.
Just like Agnieszka said, Bernhard. Is our new CFO. I have an immense pleasure of welcoming him.
And let's start the presentation. So we have just completed
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