Poland's PKO BP 2022 net profit falls 31.6% y/y

GDANSK, March 10 (Reuters) - Poland's biggest lender PKO BP's (PKO.WA) full-year 2022 net profit slumped nearly 32% year-on-year to 3.33 billion zlotys ($751.78 million), it said on Friday.

The result was above analysts' forecast of 3.29 billion zlotys.

The financial results were impacted by provisions for legal risk related to foreign exchange mortgage loans and costs of credit holidays that amounted to 1.91 billion zlotys and 3.11 billion zlotys respectively in 2022.

Credit holidays, which are a temporary halt on loan payments, were introduced in Poland in 2022.

The state-owned bank reported a net interest income for the year at 11.81 billion zlotys, boosted by an increase in Polish interest rates from 0.50% to 6.75% year-on-year.

($1 = 4.4295 zlotys)

Reporting by Anna Banacka Editing by Tomasz Janowski

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Poland's PKO BP 2022 net profit falls 31.6% y/y

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

Solid price gains for gold, silver after busy news weekend

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout