off-the-wire

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

Kitco Media
By Reuters
Published:
Updated:
Reuters

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
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