March 6, 2017 / 8:27 AM / 5 months ago

UPDATE 1-Polish bank PKO profit slightly below forecast due to tax

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WARSAW, March 6 (Reuters) - Poland's largest bank, PKO BP , reported a 34 percent rise in fourth-quarter net profit on Monday, which analysts said was slightly below expectations due to a higher tax payments in the last three months of 2016.

The state-run bank's fourth-quarter net profit come in at 593 million zlotys ($146.2 million), up from 444 million a year earlier, while analysts had expected 610 million zlotys.

"The bank paid higher income tax and this is why the net result was slightly lower than expected. It is not clear yet, why the tax rate was higher (than usual)," said Maciej Marcinowski, an analyst at Trigon DM brokerage.

Net profit was expected to rise year-on-year as the bank's net profit was dragged down in the fourth quarter of 2015 due to a 338 million zloty payment to bank guarantee funds after the collapse of a small bank near Warsaw as well as 142 million zlotys of contributions to a creditors' support fund.

For 2016 as a whole, PKO's net profit rose by 10 percent to 2.87 billion zloty.

Trigon's Marcinowski said the fourth-quarter results were unlikely to have much impact on the bank's share price.

PKO's market value has risen almost 23 percent to $10.58 billion since the start of the year, slightly outperforming the banking index, as investors cheered Poland's decision to scrap plans to convert Swiss franc-denominated mortgages into local currency at the expense of banks. ($1 = 4.0569 zlotys) (Reporting by Marcin Goclowski; editing by David Clarke)

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