Banking
Poland’s top lender PKO BP Q2 profit quadruples on core business, low provisions
Global Banking & Finance Review®
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GDANSK (Reuters) – Poland’s biggest bank PKO BP said on Thursday second-quarter net profit quadrupled year-on-year, beating market expectations, mainly fuelled by a strong uptick in core
GDANSK (Reuters) – Poland’s biggest bank PKO BP said on Thursday second-quarter net profit quadrupled year-on-year, beating market expectations, mainly fuelled by a strong uptick in core business performance, as well as a drop in legal provisions for Swiss franc mortgage loans.
Profit for the period climbed to 2.35 billion zlotys ($611.61 million) while analysts polled had expected 2.14 billion. Net interest income, the state-owned lender’s main revenue generator, jumped 15% to 5.05 billion zlotys.
($1=3.8423 zlotys)
(Reporting by Mateusz Rabiega; Editing by Clarence Fernandez)
Net profit is the amount of money a company earns after all expenses, taxes, and costs have been subtracted from total revenue. It reflects the company's profitability over a specific period.
Swiss franc mortgage loans are loans denominated in Swiss francs, often used by borrowers in countries outside Switzerland. They can be subject to currency risk for borrowers whose income is in another currency.
Core business refers to the primary activities or functions that a company focuses on to generate revenue. It encompasses the main products or services that define the company's identity.
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