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PKO Bank Polski SA : Poland PKO BP Fourth-Quarter Profit Boosted by Sale of Subsidiary

03/10/2014 | 02:44am US/Eastern

By Patryk Wasilewski

WARSAW--Poland's largest lender by assets Powszechna Kasa Oszczednosci Bank Polski SA (PKO.WA) reported Monday a higher than expected 8.6% rise in net profit boosted by a one-off sale of its credit card transaction clearance subsidiary.

Earnings in the last three months of 2013 rose to 939 million zlotys ($310 million) according to The Wall Street Journal calculations from PLN865 million a year earlier. Analysts expected the net profit to be PLN889 million.

The lender only provides full-year financial results and 12-month earnings dropped to PLN3.23 billion from PLN3.74 billion a year earlier.

PKO BP's net interest income between October and December was under pressure from the all-time low benchmark interest rates, down 9.2% annually to PLN1.88 billion and slightly above analysts' forecasts.

In other areas the lender underperformed market expectations with net fees and commissions up only 0.3% to PLN655 million, significantly below PLN825 million seen by analysts. Provisions for non-performing loans also rose in the last quarter of 2013 reaching PLN683 million, above PLN604 million expected by the market watchers.

Write to Patryk Wasilewski at patryk.wasilewski@wsj.com

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