Published: November 10, 2011
PKO Bank Polski has reported a PLN1bn (US$309.3mn) net profit for the third quarter, the largest in the Polish lender’s history.
The results show a 20.1% increase year-on-year and a 5.1% improvement on its second quarter figures. The bank’s consolidated net profit for the first nine months of 2011 is PLN2.8bn, a 21.5% increase on the same period in 2010.
PKO’s profits were boosted by the bank’s lending, which rose by 10% compared with the previous year to PLN141.3bn. Deposits also rose, standing at PLN143.9bn at the end of Q3, a 9.4% rise year-on-year. This PLN12.3bn growth was mainly due to increased corporate deposits.
Its lending and deposit levels boosted the value of the bank’s assets by 12% to PLN186.9bn from PLN166.8bn at the end of Q3 2010.
Bartosz Drabikowski, PKO’s chief financial officer, told EMEA Finance in October that the bank continues to perform well during a volatile time in Europe.
“We reported better results than most of our peers, especially if you look at the growth rates, profit level and capital liquidity position,” he said. “We have maintained strong capital and funding positions. We are very comfortable and very strong in this area.”
At the end of Q3, PKO’s consolidated capital adequacy ratio stood at 12.3% while its core tier 1 ratio was 11.2%.
Drabikowski explained that the secret to the bank’s success is balanced growth across its retail, SME and corporate banking operations: “In every segment we try to grow in a balanced way, both in loans and deposits.”