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MarketScreener Homepage  >  Equities  >  Warsaw Stock Exchange  >  Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna    PKO   PLPKO0000016

POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI

(PKO)
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Poland's top bank PKO plans to raise profit above 5 billion zloty in 2022

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11/18/2019 | 02:17am EST

GDANSK/WARSAW, Poland (Reuters) - Poland's top state-run lender PKO BP on Monday forecast net profit above 5 billion zloty ($1.29 billion) for 2022 and raised its target for return on equity (ROE) to 12% in the same period, as part of a new strategy by the company.

In its previous strategy for 2015-2020, the bank aimed for ROE above 10%, cost to income below 45% and cost of risk at 0.75%-0.85%. The revamped strategy assumes cost to income at around 41% and cost of risk at 0.60%-0.75%.

PKO said it wanted to still be able to pay dividends and in a regulatory filing gave no details about its planned mergers and acquisitions.

The market is closely following the ongoing sale of Poland's fourth largest lender mBank by Commerzbank. PKO had earlier expressed interest in the process.

With assets of 342 billion zloty, PKO, Poland's biggest lender, is still 30 times smaller than Europe's biggest bank HSBC Holdings Plc.

Since last year PKO's share price has been nearly unchanged, as markets were deterred by its toxic Swiss franc credit portfolio, high competition, and fees and costly rules imposed by regulators.

(Reporting by Marcin Goclowski and Gdansk Newsroom; Editing by Shounak Dasgupta)

Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG 0.13% 5.207 Delayed Quote.-10.08%
HSBC HOLDINGS PLC -0.27% 560.4 Delayed Quote.-13.14%
MBANK S.A. -0.39% 353.4 End-of-day quote.-14.84%
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPÓLKA AKCYJNA -2.13% 34.03 End-of-day quote.-13.85%
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Financials (PLN)
Sales 2019 14 680 M
EBIT 2019 8 532 M
Net income 2019 4 413 M
Debt 2019 -
Yield 2019 5,87%
P/E ratio 2019 9,57x
P/E ratio 2020 9,21x
Capi. / Sales2019 2,88x
Capi. / Sales2020 2,76x
Capitalization 42 238 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 42,82  PLN
Last Close Price 33,79  PLN
Spread / Highest target 50,9%
Spread / Average Target 26,7%
Spread / Lowest Target -3,23%
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Managers
NameTitle
Zbigniew Stefan Jagiello Chairman-Management Board
Piotr Sadownik Chairman-Supervisory Board
Mieczyslaw Krol Director-Insurance Banking & Operations
Rafal Kozlowski Director-Finance & Accounting
Adam Marciniak Director-Information Technology