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    PEO   PLPEKAO00016

BANK PEKAO, S.A.

(PEO)
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Delayed Warsaw Stock Exchange  -  05:30 2022-06-27 am EDT
83.36 PLN   -0.95%
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Times getting tougher for Polish banks, BNP Paribas unit says

06/03/2020 | 11:06am EDT
The BNP Paribas logo is seen at a branch in Paris

Business is getting much tougher for banks in Poland, the head of BNP Paribas' subsidiary there said on Wednesday, commenting on a wave of large bond issues and cuts in interest rates to record lows.

On Thursday, the central bank cut base rates by 40 basis points to 0.1%, the third in a series of cuts totalling 140 basis points since the coronavirus reached the country in March.

"The conditions for the banking business have deteriorated dramatically," Przemyslaw Gdanski told a conference.

"...Let's not press on banks, let's think about them as a driving force, which can help the economy overcome the crisis,"

The latest rate cut was followed by a number of profit warnings, with PKO BP Pekao, and the Polish unit of Spain's Santander signalling hits of up to 900 million zlotys ($230 million).

Warsaw's WIG Banks index plunged over 4% on Thursday, but has since pared its losses.

"The rate cuts will help loan repayment and debt affordability," Melina Skouridou, Assistant Vice President- Analyst at Moody's said in a note on Wednesday.

But because Polish banks are primarily deposit-funded, "they have limited ability to fully pass on the lower interest rates to their customers to reduce their funding costs," pressuring net interest margins, she added.

Ratings agency Fitch said on Wednesday that some of the Polish central bank's bond buying operations "resemble direct monetary financing".

The central bank is not allowed to buy government debt on the primary market, but it has bought bonds issued by the State Development Fund to the State Development Bank, Fitch said.

The Polish central bank could not immediately be reached for comment.

(Reporting by Agnieszka Barteczko and Anna Koper, writing by Alan Charlish; editing by John Stonestreet)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK PEKAO, S.A. -1.02% 83.36 Delayed Quote.-31.02%
BNP PARIBAS 0.19% 48.035 Real-time Quote.-21.12%
BNP PARIBAS BANK POLSKA S.A. 1.19% 51 Delayed Quote.-44.74%
PKO BANK POLSKI S.A. -0.10% 28.87 Delayed Quote.-35.66%
SANTANDER BANK POLSKA S.A. -2.58% 241.2 Delayed Quote.-28.84%
WIG INDEX (PLN) 0.77% 53411.68 Delayed Quote.-23.50%
All news about BANK PEKAO, S.A.
06/15TRANSCRIPT : Bank Polska Kasa Opieki S.A. - Shareholder/Analyst Call
CI
06/14Monte dei Paschi names veteran UniCredit executive as CFO
RE
06/10Polish regulator approves banks' protection scheme plan
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06/10BANK PEKAO S A : Webcast of the Ordinary General Meeting of the Bank on 15 June 2022
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05/04Analysis-Consumer boom nearly over as Central Europe heads into "decade of peril"
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04/28TRANSCRIPT : Bank Polska Kasa Opieki S.A., Q1 2022 Earnings Call, Apr 28, 2022
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04/28Bank Polska Kasa Opieki S.A. Reports Earnings Results for the First Quarter Ended March..
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04/28BANK PEKAO, S.A. : Press Release
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04/28BANK PEKAO, S.A. : 1st quarter report
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04/27BANK PEKAO S A : Webcast of the presentation of the 1Q 2022 financial results of Bank Peka..
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Financials
Sales 2022 11 065 M 2 487 M 2 487 M
Net income 2022 3 304 M 743 M 743 M
Net Debt 2022 - - -
P/E ratio 2022 6,39x
Yield 2022 7,07%
Capitalization 22 089 M 4 966 M 4 966 M
Capi. / Sales 2022 2,00x
Capi. / Sales 2023 1,92x
Nbr of Employees 14 752
Free-Float 67,2%
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Number of Analysts 13
Last Close Price 84,16 PLN
Average target price 138,90 PLN
Spread / Average Target 65,0%
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Managers and Directors
Leszek Skiba Chairman-Management Board
Pawel Straczynski Chief Financial Officer
Beata Kozlowska-Chyla Chairman-Supervisory Board
Michal Rafal Kaszynski Independent Member-Supervisory Board
Stanislaw Ryszard Kaczoruk Secretary & Member-Supervisory Board
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