PKO BP had nearly PLN 1.3 billion (EUR 344.5m) of net income in the first half of the year, or 35 percent more than in the same period of last year.
“We grow substantially faster than rival Pekao”, Rafal Juszczak, PKO BP CEO stressed.
In the first half of the year, Pekao had PLN 1 billion of net income, or 20 percent more than in the same period of 2006.
In the second quarter, PKO BP had PLN 611m of net income. The result was below analysts’ expectations who forecast PLN 680m on average. The bank’s stock dived 1.5 percent.
“Market’s expectations might influence stock decrease. But PKO BP had also high reserves. There is a risk that the reserves will grow further”, Marcin Materna, Millennium DM analyst commented.
PKO BP had to freeze PLN 121m.
“Reserves are normal in this business. I’m very happy that the market is disappointed when we grow 30 percent. Analysts’ expectations confirm the real potential of this bank and investors’ belief in this potential”, Rafal Juszczak explained.
PKO BP C/I ratio dropped 8 percentage points to 51.3 percent. ROE rose over 4 percentage points to 24.6 percent.
(PLN 1 = EUR 0.265)