Bank Polska Kasa Opieki S.A. Q3 2026 Earnings Recap

Pekao’s shares fell 1.5% after the results, a roughly flat reaction. The presentation described growth in commissions and lending alongside a significant tax burden, somewhat higher corporate cost of risk, and a more subdued economic outlook for next year.

Key Takeaways

• Management said commission revenue had grown at a double-digit rate for roughly four or five consecutive quarters.
• The CEO cited a 34%–36% cost/income ratio as a management focus, while acknowledging that investment in areas where the bank is behind competitors could weigh on efficiency.
• Loan growth was described as decent in priority areas; leasing grew 17%, and mortgage sales remained high.
• The CEO said corporate-segment cost of risk was slightly higher than usual. Management also highlighted the significant tax burden, while noting analysts had estimated a larger amount.
• The bank’s economist forecast 4% GDP growth in Poland this year and below 3% next year, citing risks from higher fuel and energy prices.