May 9, 2019 / 7:55 AM / 2 months ago

Poland's Bank Pekao does not see a fall in Q2 net profit - deputy CEO

WARSAW, May 9 (Reuters) - Poland’s Bank Pekao’s second quarter net profit will not fall from that reported a year earlier, its deputy chief executive told Reuters, despite booking costs related to layoffs of 70-90 million zlotys ($18-23 million).

Pekao announced in April that it would lay off up to 950 employees, a cost cutting measure it expects to save it up to 100 million zloty a year.

“Last year we also booked a one-off provision connected to the volutary redundancy program, so these two elements can cancel eachother out,” Tomasz Kubiak said in an interview.

“I think the profit in the second quarter will not be lower than last year”

He also said the company was maintaining its guidance of low double-digit growth in net profit, excluding one-offs.

$1 = 3.8364 zlotys) (Reporting by Marcin Goclowski, writing by Alan Charlish; Editing by Kirsten Donovan)

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