2020-11-05 06:54
publication
2020-11-05 06:54
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The net profit of the Bank Pekao SA group in the third quarter of 2020 decreased to PLN 370.9 million from PLN 656.2 million a year earlier, the bank announced in the report. The bank’s profit turned out to be 4 percent. above market expectations, which expected it to amount to PLN 370.9 million.
The expectations of 10 brokerage houses as to the net profit for the third quarter ranged from PLN 333.2 million to PLN 382 million.
In the third quarter of 2020, impairment losses amounted to PLN 277.4 million. Meanwhile, the market expected 8 percent. higher write-offs at the level of PLN 301.7 million (range of expectations from PLN 271 million to PLN 335 million).
The bank’s net interest income in the third quarter amounted to PLN 1,203.1 million and was in line with analysts’ expectations, who expected it to amount to PLN 1,201.9 million (in the range of PLN 1,170 – 1,232 million).
The result on fees and commissions amounted to PLN 595.1 million and was in line with market estimates, which had expected PLN 597.2 million (expectations ranged from PLN 591.3 million to PLN 606 million).
| The results of the Bank Pekao SA group in the third quarter of 2020 and their comparison with the PAP consensus and previous results | |||||
|---|---|---|---|---|---|
| in PLN million | 3Q2020 | consensus | difference | ||
| PAP | |||||
| Interest result | 1 203,1 | 1 201,9 | 0,1% | ||
| Commission result | 595,1 | 597,2 | -0,4% | ||
| Operation costs | 849,0 | 872,4 | -2,7% | ||
| Reserve balance | -277,4 | -301,7 | -8,1% | ||
| Net profit | 370,9 | 355,1 | 4,4% | ||
| 3Q2020 | 3Q2019 | difference | 2Q2020 | difference | |
| in PLN million | rdr | kdk | |||
| Interest result | 1 203 | 1 391 | -13,5% | 1 366 | -11,9% |
| Commission result | 595 | 643 | -7,4% | 568 | 4,8% |
| Operation costs | 849 | 883 | -3,9% | 875 | -3,0% |
| Reserve balance | -277 | -176 | 57,6% | -474 | -41,5% |
| Net profit | 371 | 656 | -43,5% | 359 | 3,3% |
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