Bank Polska Kasa Opieki SA

Bank Polska Kasa Opieki SA reported total loan growth of 10% in the first half of 2026, with corporate loans up 13.3% and cash loans up 15%, driven by record-high sales in the second quarter. The bank achieved an 11% year-on-year increase in commission income across all major categories and maintained a strong capital position, completing three Eurobond issuances totaling EUR 1.71 billion. Net interest margin declined by 35 to 36 basis points year-on-year due to lower interest rates, but management expects no further material decreases, with sensitivity to future rate cuts reduced to 10 to 15 basis points per 100 basis points cut thanks to increased hedging. Cost of risk remained stable at 34 to 42 basis points, and the bank recorded a PLN 420 million write-off in the second quarter, including approximately PLN 100 million related to a specific client. The bank plans an AT1 issuance of around EUR 500 million at the turn of the year and is working on securitization expected to materialize at the turn of 2026 to 2027.