PKO Bank Polski 1Q26 Financial Results Review

PKO Bank Polski delivered a solid 1Q26 result with PLN 2.5bn net income, a 2% beat on consensus driven by core income and cost control. The bank remains 'Buy' rated with a price target of PLN 97.0 based on its strong valuation and resilience.

Key Takeaways

• 1.PKO BP reported 1Q26 net income of PLN 2.5bn, beating consensus by 2%, primarily driven by core income and lower operating expenses.
• 2.The bank proposed a dividend of PLN 6.14 per share for 2025 profits, representing a 6% dividend yield.
• 3.PKO BP established ambitious 2027 market share targets, including >20% in cash loans and 26-28% in mortgage loans.

Table of Contents

• 1Q26 financial results review
• 2027 targets
• Net Interest Margin
• Net fee income
• Operating costs
• Cost of risk
• Loan volumes
• CET1 ratio
• Exhibit 1: 1Q26 financial results
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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