Press release



Consolidated net profit of Bank Pekao S.A. for the nine months of  2016 amounted to PLN 1,785 m, +13,6% yoy excluding the banking tax. In the third quarter 2016 Bank Pekao reported net profit at PLN 521 m (+5.1% yoy, excluding banking tax). Bank delivered double-digit growth in key retail lending (+10.5% yoy) and retail deposits (+11.5% yoy).

Net profit after nine months reached PLN 1,785 m (-3.8% yoy), +13.6% yoy on comparable basis, excluding banking tax. Q3 net profit amounted to PLN 521 m.

Bank achieved double digit growth in nine months operating profit after nine months +10.4% yoy at the level of  PLN 3,168 m, supported by third quarter performance +6.8% yoy at PLN 962 m.  

Operating income amounted to PLN 5,586 m, +5.6% yoy, and core operating income grew in Q3 +3.3% yoy. Nine months interest income increased by +5.3% to PLN 3,269 m, systematically driven by customer volumes. Q3 net interest margin further increased to 2.81%.

After nine months banking fees and commission amounted to PLN 1196 m ( +0.1% yoy). Capital markets fees and commission decreased by 14.4%, affected by industry-wide pressure, gradually improving dynamic in comparison with previous quarters.

Key retail loans increased by +10.5% yoy to PLN 50 310 m, while key corporate loans grew by +1.8% yoy to PLN 44, 845 m.

In the third quarter, key new retail loans increased to the record level of PLN 3.9 bn driven by both, record level of consumer loans and solid level of PLN mortgages.

After 9 months the bank achieved double-digit growth in retail deposits, up by +11.5% yoy to PLN 67,590 m, while corporate deposits reached PLN 60,582 m reflecting focus on the margins while maintaining a safe liquidity management.

Strictly controlled costs after nine months were stable and amounted to PLN 2,418 m (-0.1% yoy). Bank Pekao efficiency was further improved.  C/I ratio was at 43.3%.

Assets quality was maintained at the high level. The cost of risk at 48 bp and the NPL ratio at 6.4%, while the provision coverage ratio increased to 74.3%.

“We delivered again solid results thanks to hard work of our people. I believe this is the culture we built, which allows for delivering on promises for so many years. This is the real value of this bank” - said Luigi Lovaglio,  CEO and President of the Management Board of Bank Pekao S.A.



Bank Pekao SA operates for 85 years and is one of the largest financial institutions in Central and Eastern Europe. In terms of capital strength measured as capital adequacy ratio, Bank Pekao is a leader among large banks operating in Poland and one of the safest banks at the Pan-European level (Pekao Core Tier 1 ratio at the end of the 3Q of 2016 is at the level of 18.1%). Rank no. 1 of Bank Pekao in Poland and among the biggest EU banks was confirmed by stress tests and AQR tests.

Bank Pekao was awarded with many prestigious and popular prizes and titles, both in the national, as well as international level. In 2014 Pekao mobile banking application won The Best Mobile Banking award of The Bank was also rewarded Top Employers Europe 2014 for the fifth consecutive time. In the corporate field in 2013 Pekao was awarded the Best Bank in Poland in terms of Transactional Banking Services by Euromoney Magazine for the third consecutive time. Pekao was awarded „Bank of the Year in CEE 2013” by Europa Property. Pekao gained Warsaw Stock Exchange award for the leaders of Polish capital market in 2013 – Award for the biggest value of issues of non-Treasury debt instruments introduced to Catalyst in 2013. Pekao gained prestigious awards for the Best Bank in Poland by “Global Finance” and “The Banker” magazines for three times. Corporate division was awarded also, among others, “The Golden Banker Award” for the first implementation of fingerprint identification of clients in Europe.

Bank Pekao SA is a part of UniCredit Group, one of the leading international financial institutions.

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