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4-Traders Homepage  >  Equities  >  Warsaw Stock Exchange  >  Powszechna Kasa Oszczednosci Bk Plski SA    PKO   PLPKO0000016

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

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03/10/2014 | 08:44am CET

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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Financials ( PLN)
Sales 2016 11 514 M
EBIT 2016 5 647 M
Net income 2016 2 789 M
Debt 2016 -
Yield 2016 2,16%
P/E ratio 2016 15,79
P/E ratio 2017 15,25
Capi. / Sales 2016 3,70x
Capi. / Sales 2017 3,57x
Capitalization 42 650 M
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Mean consensus UNDERPERFORM
Number of Analysts 20
Average target price 25,9  PLN
Spread / Average Target -24%
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NameTitle
Zbigniew Stefan Jagiello President-Management Board
Piotr Sadownik Chairman-Supervisory Board
Bartosz Remigiusz Drabikowski Chief Financial Officer
Elzbieta Teresa Maczynska-Ziemacka Independent Member-Supervisory Board
Miroslaw Jan Barszcz Independent Member-Supervisory Board
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