Q3 2026 report
Zysk netto za 9M 2026 wzrósł o 30% r/r do 1 109 mln zł (III kw.: 400 mln zł, +16% r/r), ale głównie dzięki spadkowi kosztu ryzyka prawnego walutowych kredytów hipotecznych z 1 570 do 583 mln zł.
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MIL
Q3 2026 report
Revenue
1.7 bn PLN
— YoY
Net income
400.39 m PLN
— YoY
ROE
13.8%
— YoY
Summary
Investment thesis
- Zysk skorygowany o pozycje nadzwyczajne wyniósł 1 922 mln zł i był o 18% niższy r/r — bazowa rentowność pod presją niższych stóp i wyższego CIT (30%, ETR ok. 40%).
- Portfel kredytowy rośnie coraz szybciej (+11% r/r, kredyty dla firm +25%), a NIM odbił do 3,52% w III kw. z 3,43% w II kw.
- Kapitał mocny (CET1 13,7%, TCR 20,6%) dzięki AT1 (1,5 mld zł) i Tier II (500 mln EUR) oraz zapowiedzianej sekurytyzacji syntetycznej z IFC (+ok. 80 p.b. CET1).
- Ryzyko walutowych kredytów hipotecznych maleje (aktywne sprawy 10 433, ugody 94% na etapie sądowym), lecz rezerwy 4,9 mld zł i nowe koszty ryzyka prawnego kredytów konsumpcyjnych pozostają zmienną.
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Financials
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MIL · Q3 2026
| Metric | Q3 2026 | Q3 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Group has filter matches — stays expanded | ||||||||
| Revenue | 1,696 | — | — | 5,004 | — | reported | — | 0.90 |
| EBT | 676.58 | — | — | 1,847.36 | — | reported | — | 1.00 |
| Net income | 400.39 | — | — | 1,108.75 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.33 | — | — | 0.91 | — | derived | — | 0.80 |
| D&A | 70.51 | — | — | 198.66 | — | reported | — | 1.00 |
| Interest expense | 785.31 | — | — | 2,313.64 | — | reported | — | 1.00 |
| Income tax | 276.18 | — | — | 738.61 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| EBT margin | — | — | — | 36.9% | — | derived | — | 0.70 |
| Net margin | 23.61% | — | — | 22.16% | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Cash | 5,771.28 | — | — | — | — | reported | — | 1.00 |
| Equity | 11,338.85 | — | — | — | — | reported | — | 1.00 |
| Total assets | 169,220.37 | — | — | — | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| CFO | — | — | — | 7,874.83 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| ROE | — | — | — | 13.8% | — | reported | — | 0.90 |
| Group has filter matches — stays expanded | ||||||||
| Revenue growth (YoY) | — | — | — | -3.1% | — | derived | — | 0.70 |
| Net income growth (YoY) | 16.2% | — | — | 29.6% | — | derived | — | 0.90 |
| EPS growth (YoY) | — | — | — | 29.6% | — | derived | — | 0.90 |
| Net margin Δ (YoY) | — | — | — | 5.5 pp | — | derived | — | 0.70 |
Q3 2026 · Δ YoY
Group has filter matches — stays expanded
Revenue
1,696
—
1,696
—
- Q3 2025
- —
- YTD 2026
- 5,004
- Δ YoY
- —
EBT
676.58
—
676.58
—
- Q3 2025
- —
- YTD 2026
- 1,847.36
- Δ YoY
- —
Net income
400.39
—
400.39
—
- Q3 2025
- —
- YTD 2026
- 1,108.75
- Δ YoY
- —
EPS (basic)
(PLN)
0.33
—
0.33
—
- Q3 2025
- —
- YTD 2026
- 0.91
- Δ YoY
- —
D&A
70.51
—
70.51
—
- Q3 2025
- —
- YTD 2026
- 198.66
- Δ YoY
- —
Interest expense
785.31
—
785.31
—
- Q3 2025
- —
- YTD 2026
- 2,313.64
- Δ YoY
- —
Income tax
276.18
—
276.18
—
- Q3 2025
- —
- YTD 2026
- 738.61
- Δ YoY
- —
Group has filter matches — stays expanded
EBT margin
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 36.9%
- Δ YoY
- —
Net margin
23.61%
—
23.61%
—
- Q3 2025
- —
- YTD 2026
- 22.16%
- Δ YoY
- —
Group has filter matches — stays expanded
Cash
5,771.28
—
5,771.28
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
11,338.85
—
11,338.85
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
169,220.37
—
169,220.37
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
CFO
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 7,874.83
- Δ YoY
- —
Group has filter matches — stays expanded
ROE
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 13.8%
- Δ YoY
- —
Group has filter matches — stays expanded
Revenue growth (YoY)
—
—
—
—
- Q3 2025
- —
- YTD 2026
- -3.1%
- Δ YoY
- —
Net income growth (YoY)
16.2%
—
16.2%
—
- Q3 2025
- —
- YTD 2026
- 29.6%
- Δ YoY
- —
EPS growth (YoY)
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 29.6%
- Δ YoY
- —
Net margin Δ (YoY)
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 5.5 pp
- Δ YoY
- —