Q1 2026 report
Zysk netto 301 mln zł (+68% r/r) przy przychodach bez zmian — cała poprawa pochodzi z niższych kosztów portfela walutowych kredytów hipotecznych (226 mln zł wobec 497 mln zł).
Sentiment
Positive
No guidance change
MIL
Q1 2026 report
Revenue
3.4 bn PLN
— YoY
Net income
300.79 m PLN
— YoY
CFO
3.16 bn PLN
— YoY
ROE
12.1%
— YoY
Summary
Investment thesis
- Wynik skorygowany (514 mln zł) spadł o 28% r/r, bo marża odsetkowa spadła do 3,7% z 4,2% przy niższych stopach — rdzeń zarabia mniej, a koszty rosną o 12% r/r.
- Kapitał się odbudował: TCR 17,6%, T1 16,4%, CET1 13,8% — ale wzrost T1 to w dużej mierze emisja AT1 (1,5 mld zł), a nie organiczny CET1 (+11 p.b. w kwartale).
- Walne zgromadzenie przeznaczyło cały zysk za 2025 (1,12 mld zł) na kapitał rezerwowy — dywidendy nie będzie, mimo polityki 35–50%.
- Portfel kredytowy przyspiesza (+5% r/r, korporacje +27%), jakość najlepsza w historii (NPL 3,7%), ale efektywny CIT ok. 40% mocno obcina wynik netto.
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Financials
BETA
MIL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 3,395 | — | — | reported | — | 1.00 |
| EBT | 502.39 | — | — | reported | — | 1.00 |
| Net income | 300.79 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.25 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.25 | — | — | reported | — | 1.00 |
| D&A | 61.21 | — | — | reported | — | 1.00 |
| Interest expense | 753.49 | — | — | reported | — | 1.00 |
| Income tax | 201.6 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1,213.12 | — | — | reported | — | 1.00 |
| Net margin | 8.86% | — | — | derived | — | 0.70 |
| Cash | 4,589.74 | — | — | reported | — | 1.00 |
| Equity | 10,704.13 | — | — | reported | — | 1.00 |
| Total assets | 161,899.15 | — | — | reported | — | 1.00 |
| Goodwill | 607.2 | — | — | reported | — | 1.00 |
| CFO | 3,158.8 | — | — | reported | — | 1.00 |
| ROE | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 0% | — | — | derived | — | 0.70 |
| Revenue growth (QoQ) | -2.33% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 67.8% | — | — | derived | — | 0.70 |
| EPS growth (YoY) | 66.7% | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 3.58 pp | — | — | derived | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
3,395
—
3,395
—
- Q1 2025
- —
EBT
502.39
—
502.39
—
- Q1 2025
- —
Net income
300.79
—
300.79
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.25
—
0.25
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.25
—
0.25
—
- Q1 2025
- —
D&A
61.21
—
61.21
—
- Q1 2025
- —
Interest expense
753.49
—
753.49
—
- Q1 2025
- —
Income tax
201.6
—
201.6
—
- Q1 2025
- —
Shares (basic)
(m units)
1,213.12
—
1,213.12
—
- Q1 2025
- —
Net margin
8.86%
—
8.86%
—
- Q1 2025
- —
Cash
4,589.74
—
4,589.74
—
- Q1 2025
- —
Equity
10,704.13
—
10,704.13
—
- Q1 2025
- —
Total assets
161,899.15
—
161,899.15
—
- Q1 2025
- —
Goodwill
607.2
—
607.2
—
- Q1 2025
- —
CFO
3,158.8
—
3,158.8
—
- Q1 2025
- —
ROE
—
—
—
—
- Q1 2025
- —
Revenue growth (YoY)
0%
—
0%
—
- Q1 2025
- —
Revenue growth (QoQ)
-2.33%
—
-2.33%
—
- Q1 2025
- —
Net income growth (YoY)
67.8%
—
67.8%
—
- Q1 2025
- —
EPS growth (YoY)
66.7%
—
66.7%
—
- Q1 2025
- —
Net margin Δ (YoY)
3.58 pp
—
3.58 pp
—
- Q1 2025
- —