Polish banks Pekao and Millennium report solid first‑half profits

Bank Pekao SA posted a net profit of about PLN 1.52 billion in Q2, a 5.3 % decline year‑on‑year but 23.1 % higher than the previous quarter and above analysts’ expectations of PLN 1.47 billion. Interest income fell with lower market rates, while commission income rose to PLN 832 million, up 8.8 % YoY. Credit volumes grew double‑digit, with total loan book reaching PLN 213.6 billion by June, and mortgage sales surged 42 % in Q2. The bank cited higher corporate income tax (CIT) rates and a EU court ruling on consumer loans as headwinds.

Bank Millennium reported a record loan portfolio of over PLN 81 billion, up 10 % YoY, and deposits up 16 %. The credit‑to‑deposit ratio fell below 58 %. Consumer loans rose 5 %, while business loans jumped 41 %. Mortgage lending exploded 282 % from a low base, and new corporate financing increased 77 % to PLN 6.5 billion. Interest income slipped modestly as the National Bank of Poland’s policy rate was cut by 200 basis points. Both banks highlighted strong credit growth and resilience despite the challenging macro‑environment.