EBP
ERSTE BANK POLSKA
Giełda Papierów Wartościowych w Warszawie · quarterly · publ. October 30, 2026
Q3 2026 report
Operacyjnie bank stoi w miejscu: dochody ogółem +0,9% r/r za 9M, zysk brutto bez kosztów integracji −0,5% r/r.
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EBP
Q3 2026 report
Revenue
4.06 bn PLN
— YoY
Net income
1.49 bn PLN
— YoY
ROE
18.2%
— YoY
Summary
Investment thesis
- Spadek zysku netto o 20,5% to głównie efekt podwyżki CIT dla banków do 30% (ETR 37,5%) i 384 mln zł kosztów integracji i rebrandingu po przejęciu przez Erste.
- Jakość aktywów się poprawia: NPL 3,4% (4,0% rok wcześniej), koszt ryzyka 0,30%, przy wzroście kredytów brutto o 11,3% r/r.
- Spadająca stawka CIT w latach 2027–2028 (26%, 23%) i wygasanie kosztów integracji to mechaniczne wsparcie zysku netto w kolejnych latach.
- Wycena ok. 2,5× wartości księgowej przy ROE 18,2% już dyskontuje poprawę; ryzykiem są spadający NIM, koszty akwizycji i ryzyko prawne CHF/TSUE.
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Financials
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EBP · Q3 2026
| Metric | Q3 2026 | Q3 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Group has filter matches — stays expanded | ||||||||
| Revenue | 4,060.8 | — | — | 12,113.2 | — | reported | — | 1.00 |
| EBT | 2,297.3 | — | — | 6,024.1 | — | reported | — | 1.00 |
| Net income | 1,490.4 | — | — | 3,691.1 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 14.58 | — | — | 36.12 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | — | — | — | 36.12 | — | reported | — | 1.00 |
| D&A | 138.9 | — | — | 402 | — | reported | — | 1.00 |
| Interest expense | — | — | — | 2,685.6 | — | reported | — | 1.00 |
| Income tax | 781.1 | — | — | 2,260.7 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| EBT margin | 56.57% | — | — | 49.73% | — | reported | — | 0.70 |
| Net margin | 36.7% | — | — | 30.47% | — | reported | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Cash | 30,803.3 | — | — | — | — | reported | — | 1.00 |
| Equity | 33,069.1 | — | — | — | — | reported | — | 1.00 |
| Total assets | 330,088.4 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 2,767.6 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 30,301.5 | — | — | — | — | reported | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| CFO | — | — | — | 15,809.9 | — | reported | — | 0.90 |
| CapEx | — | — | — | 418.3 | — | reported | — | 1.00 |
| Dividends paid | — | — | — | 5,177.6 | — | reported | — | 1.00 |
| Buybacks | — | — | — | 95.5 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| ROE | 18.2% | — | — | — | — | reported | — | 0.90 |
| ROA | 1.6% | — | — | — | — | reported | — | 0.90 |
| Group has filter matches — stays expanded | ||||||||
| Revenue growth (YoY) | 1.58% | — | — | 0.87% | — | reported | — | 0.90 |
| Net income growth (YoY) | -21.09% | — | — | -20.46% | — | reported | — | 0.80 |
| EPS growth (YoY) | -21.1% | — | — | -20.46% | — | reported | — | 0.80 |
| Group has filter matches — stays expanded | ||||||||
| Market cap | 82,650.7 | — | — | — | — | reported | — | 0.70 |
| P/BV | 2.5x | — | — | — | — | reported | — | 0.70 |
| P/TBV | 2.73x | — | — | — | — | reported | — | 0.70 |
| Dividend yield | 6.18% | — | — | — | — | reported | — | 0.70 |
Q3 2026 · Δ YoY
Group has filter matches — stays expanded
Revenue
4,060.8
—
4,060.8
—
- Q3 2025
- —
- YTD 2026
- 12,113.2
- Δ YoY
- —
EBT
2,297.3
—
2,297.3
—
- Q3 2025
- —
- YTD 2026
- 6,024.1
- Δ YoY
- —
Net income
1,490.4
—
1,490.4
—
- Q3 2025
- —
- YTD 2026
- 3,691.1
- Δ YoY
- —
EPS (basic)
(PLN)
14.58
—
14.58
—
- Q3 2025
- —
- YTD 2026
- 36.12
- Δ YoY
- —
EPS (diluted)
(PLN)
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 36.12
- Δ YoY
- —
D&A
138.9
—
138.9
—
- Q3 2025
- —
- YTD 2026
- 402
- Δ YoY
- —
Interest expense
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 2,685.6
- Δ YoY
- —
Income tax
781.1
—
781.1
—
- Q3 2025
- —
- YTD 2026
- 2,260.7
- Δ YoY
- —
Group has filter matches — stays expanded
EBT margin
56.57%
—
56.57%
—
- Q3 2025
- —
- YTD 2026
- 49.73%
- Δ YoY
- —
Net margin
36.7%
—
36.7%
—
- Q3 2025
- —
- YTD 2026
- 30.47%
- Δ YoY
- —
Group has filter matches — stays expanded
Cash
30,803.3
—
30,803.3
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
33,069.1
—
33,069.1
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
330,088.4
—
330,088.4
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
2,767.6
—
2,767.6
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
30,301.5
—
30,301.5
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
CFO
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 15,809.9
- Δ YoY
- —
CapEx
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 418.3
- Δ YoY
- —
Dividends paid
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 5,177.6
- Δ YoY
- —
Buybacks
—
—
—
—
- Q3 2025
- —
- YTD 2026
- 95.5
- Δ YoY
- —
Group has filter matches — stays expanded
ROE
18.2%
—
18.2%
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
1.6%
—
1.6%
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
Revenue growth (YoY)
1.58%
—
1.58%
—
- Q3 2025
- —
- YTD 2026
- 0.87%
- Δ YoY
- —
Net income growth (YoY)
-21.09%
—
-21.09%
—
- Q3 2025
- —
- YTD 2026
- -20.46%
- Δ YoY
- —
EPS growth (YoY)
-21.1%
—
-21.1%
—
- Q3 2025
- —
- YTD 2026
- -20.46%
- Δ YoY
- —
Group has filter matches — stays expanded
Market cap
82,650.7
—
82,650.7
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
2.5x
—
2.5x
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/TBV
2.73x
—
2.73x
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Dividend yield
6.18%
—
6.18%
—
- Q3 2025
- —
- YTD 2026
- —
- Δ YoY
- —