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Poland's Bank Pekao net profit beats expectations in Q1
May 10, 2017 / 5:35 AM / 7 months ago

Poland's Bank Pekao net profit beats expectations in Q1

WARSAW, May 10 (Reuters) - Poland’s second-largest bank, state-run Bank Pekao, said on Wednesday that it posted a net profit of 350 million zlotys ($90.1 million) in the first quarter, beating analysts’ expectations of 329 million zlotys.

Net profit fell 39 percent from the same period a year earlier, mainly due to payments to a state-run bank guarantee fund that reached 178.4 million zlotys and a bank tax that cost 125.2 million zlotys.

Bank Pekao said loans to retail clients rose 9.1 percent in the first quarter from a year earlier and those to corporate clients climbed 3.1 percent. The growth in credit was nearly completely financed by retail deposit growth of 10.7 percent. ($1 = 3.8844 zlotys) (Reporting by Marcin Goettig; Editing by Edwina Gibbs)

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