Bloomberg News

Bank Pekao Third-Quarter Profit Advances 16% on Higher Lending

November 15, 2011

Nov. 14 (Bloomberg) -- Bank Pekao SA, Poland’s second- largest lender, said third-quarter profit rose 16 percent after it increased lending.

Net income climbed to 766.3 million zloty ($240.2 million) from 659.7 billion zloty a year earlier, the Warsaw-based lender said in a regulatory statement today. That exceeded the 726.4 million-zloty average estimate of 14 analysts in a Bloomberg survey.

Pekao’s net interest income, the difference between what it pays on deposits and what it charges for loans, advanced 12 percent as total lending increased 10 percent to 93.9 billion zloty, said the bank, a unit of Italy’s UniCredit SpA.

Banking profits in Poland surged 41 percent from a year earlier at the end of September as the industry benefited from an expanding economy, which is expected to grow by about 4 percent this year, according to government estimates.

Pekao, which is seeking to sell its Ukrainian unit to focus on Poland, said profit for the first nine months rose to 2.13 billion zloty from 1.88 billion zloty.

--Editors: Stephen Taylor, Dylan Griffiths

To contact the reporter on this story: Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editor responsible for this story: David McQuaid at dmcquaid1@bloomberg.net


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