Bank Polska Kasa Opieki SA (WAR:PEO)
zł 144.8 -0.65 (-0.45%) Market Cap: 38.01 Bil Enterprise Value: 43.98 Bil PE Ratio: 5.96 PB Ratio: 1.34 GF Score: 67/100
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Half Year 2024 Bank Polska Kasa Opieki SA Earnings Call Transcript

Aug 08, 2024 / 10:00AM GMT
Release Date Price: zł143.75 (-0.52%)

Key Points

Positve
  • Bank Polska Kasa Opieki SA (BKPKF) reported a 4% year-on-year increase in net profit, excluding one-off events.
  • The loan portfolio grew by 6% year-on-year, indicating strong lending performance across all segments.
  • The bank's non-performing loan (NPL) ratio dropped below 5%, reflecting improved credit quality.
  • The bank achieved a significant increase in mobile banking customers, up 11% year-on-year, enhancing digital engagement.
  • The bank maintains a strong capital position, allowing for a dividend payout strategy of 50% to 75% of net profit.
Negative
  • The macroeconomic outlook for Poland shows a slow recovery with low investment appetite, impacting growth prospects.
  • High personnel costs, including one-off bonus payments, negatively impacted the bank's financial performance.
  • The bank faces legal risks related to foreign currency loans, with provisions impacting profitability.
  • Interest rate cuts are not expected soon, which may affect the bank's interest income and profitability.
  • The bank's cost-to-income ratio increased due to higher operating costs, impacting overall efficiency.
Marcin Jablczynski
Bank Polska Kasa Opieki SA - Head of Investor Relations and ESG Strategy Department

Good afternoon, ladies and gentlemen. Welcome at the conference for the presentation of financial performance for the first six months of 2024, Pekao Bank. Mr. Jablczynski-san and the Vice President responsible for Finance, Dagmara Wojnar; Marcin Gadomski, responsible for the risk VP; and Ernest Pytlarczyk, our Chief Economist. We will start with a short presentation and Q&A session will follow. We invite you to ask questions.

Thank you, everyone, who decided to join us on site. You may also ask questions on our webcast or you may send an e-mail to myself or our Investor Relations.

Over to Robert Sochacki.

Robert Sochacki
Bank Polska Kasa Opieki SA - Vice President of Management Board

Let me briefly walk you through the introduction to our presentation. I will focus on the main highlights. And further details will be provided by Dagmara, Marcin, and Ernest. So let me start with key developments. Well, first of all, we have yet another

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