H1 2026 report
Alior Bank rośnie zdrowo na poziomie wolumenów — kredyty netto +7,4% r/r, depozyty +9,2% r/r, wynik prowizyjny +7,0% r/r — ale zysk netto spadł o 31,1% r/r głównie z powodu podniesienia stawki CIT dla banków z 19% do 30% od 2026 r.
Sentiment
Neutral
No guidance change
ALR
H1 2026 report
Revenue
2.86 bn PLN
— YoY
Net income
769.82 m PLN
— YoY
ROE
12.2%
— YoY
Summary
Investment thesis
- Kapitały pozostają solidne — TCR/Tier 1 na poziomie 17,57%, bufor ok. 6 p.p. ponad wymóg nadzorczy (11,51%) — przestrzeń do dalszego wzrostu i dywidend.
- Jakość portfela kredytowego poprawia się (NPL 5,16% wobec 6,69% r/r), ale koszt ryzyka rośnie (CoR 0,71% wobec 0,47% r/r) — sygnał do obserwacji w kolejnych kwartałach.
- ROE (12,2%) i C/I (41,3%) są w połowie strategii 2025–2027 istotnie oddalone od celów na 2027 r. (ROE >18%, C/I ~35%) — wymagana wyraźna poprawa w drugiej połowie okresu.
- Legacy ryzyko prawne (certyfikaty inwestycyjne FinCrea TFI, kredyty hipoteczne w CHF) wciąż obciąża wynik i rośnie kwotowo (rezerwy FinCrea: 349,3 mln zł, +11,2% od końca 2025 r.).
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Financials
BETA
ALR · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,863,660 | — | — | 2,863,660 | — | derived | — | 0.80 |
| EBT | 1,238,737 | — | — | 1,238,737 | — | reported | — | 1.00 |
| Net income | 769,816 | — | — | 769,816 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 5.9 | — | — | 5.9 | — | reported | — | 1.00 |
| Income tax | 468,921 | — | — | 468,921 | — | reported | — | 1.00 |
| Cash | 3,895,877 | — | — | — | — | reported | — | 1.00 |
| Equity | 12,513,593 | — | — | — | — | reported | — | 1.00 |
| Total assets | 106,635,662 | — | — | — | — | reported | — | 1.00 |
| Dividends paid | 1,165,847 | — | — | 1,165,847 | — | reported | — | 1.00 |
| ROE | 12.2% | — | — | — | — | reported | — | 0.90 |
| ROA | 1.5% | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -4.2% | — | — | -4.2% | — | derived | — | 0.70 |
| Net income growth (YoY) | -31.1% | — | — | -31.1% | — | derived | — | 1.00 |
| EPS growth (YoY) | -31% | — | — | -31% | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
2,863,660
—
2,863,660
—
- H1 2025
- —
- YTD 2026
- 2,863,660
- Δ YoY
- —
EBT
1,238,737
—
1,238,737
—
- H1 2025
- —
- YTD 2026
- 1,238,737
- Δ YoY
- —
Net income
769,816
—
769,816
—
- H1 2025
- —
- YTD 2026
- 769,816
- Δ YoY
- —
EPS (basic)
(PLN)
5.9
—
5.9
—
- H1 2025
- —
- YTD 2026
- 5.9
- Δ YoY
- —
Income tax
468,921
—
468,921
—
- H1 2025
- —
- YTD 2026
- 468,921
- Δ YoY
- —
Cash
3,895,877
—
3,895,877
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
12,513,593
—
12,513,593
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
106,635,662
—
106,635,662
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Dividends paid
1,165,847
—
1,165,847
—
- H1 2025
- —
- YTD 2026
- 1,165,847
- Δ YoY
- —
ROE
12.2%
—
12.2%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
1.5%
—
1.5%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-4.2%
—
-4.2%
—
- H1 2025
- —
- YTD 2026
- -4.2%
- Δ YoY
- —
Net income growth (YoY)
-31.1%
—
-31.1%
—
- H1 2025
- —
- YTD 2026
- -31.1%
- Δ YoY
- —
EPS growth (YoY)
-31%
—
-31%
—
- H1 2025
- —
- YTD 2026
- -31%
- Δ YoY
- —