Financial results of Bank Pekao SA
According to the bank, the year-on-year change in profit was mainly due to higher provisioning costs. Swiss franc loansanother edition of credit holidays, as well as an increase in operating costs, among others due to inflationary wage growth and one-off events. The net result was positively influenced by an increase in interest income.
“Consolidated net profit of Bank Pekao in the first half of 2024 amounted to PLN 2.936 billion compared to PLN 3.263 billion of net profit a year earlier,” the bank said in a statement.
As added, net profit in the first half of this year, excluding the cost of credit holidays and the costs of legal risk of foreign currency mortgage loans, increased year on year by 4 percent to PLN 3.369 billion from PLN 3.243 billion a year earlier.
“A period of continued positive trends”
“The first half of the year was a period of continued positive trends in terms of financial results for Bank Pekao,” said Robert Sochacki, vice-president of Bank Pekao and head of the management board, quoted in a press release. He added that “despite different macroeconomic circumstances,” the bank continues to pursue strategic development directions. “We finance the operations of companies from microenterprises to the largest corporations, not forgetting about our ESG strategy commitments. Importantly for shareholders, we were, are and still intend to be a dividend bank,” he emphasized.
The bank reported that in the first half of this year ROE indicator (return on capital) in the first half of this year reached 19.9 percent.
Operating income in the first half of 2024 amounted to PLN 7,678 million and was higher by 2.7 percent than the income achieved in the first half of 2023, mainly due to the interest result, despite the inclusion of credit holiday costs. (PAP)
