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    PKO   PLPKO0000016

PKO BANK POLSKI S.A.

(PKO)
  Report
Delayed Warsaw Stock Exchange  -  10:05 2022-11-28 am EST
28.78 PLN   -0.28%
11/10Transcript : Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna, Q3 2022 Earnings Call, Nov 10, 2022
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Poland's PKO BP settles 15,461 Swiss franc mortgage claims

08/18/2022 | 05:43am EST
FILE PHOTO: The logo of the PKO BP is seen on the bank's headquarters in Warsaw

GDANSK (Reuters) - Poland's biggest lender PKO BP said on Thursday it had reached settlements on 15,461 mortgage loans in Swiss francs after mortgage-holders applied for mediation following adverse exchange rate moves.

Thousands of Polish borrowers took out mortgages in Swiss francs https://www.reuters.com/article/us-poland-banks-swissfranc-analysis-idINKBN1WE044 more than a decade ago to benefit from low interest rates, but then faced ballooning repayments when the zloty weakened sharply against the Swiss currency. Many mortgage-holders took banks to court.

Of the settlements on PKO BP loans reached by the end of June, 15,151 were through mediation proceedings and 310 were concluded in court.

In total, the bank said it had received nearly 27,600 applications for mediation by the end of the first half of the year. So far, 15,993 mediations have been successful and 5,780 had a negative outcome.

In the second quarter, the number of court proceedings rose by nearly 11% quarter-on-quarter to 1,850, and was down 9% year-on-year.

In the first half of this year, PKO BP increased the cost of legal risk associated with mortgage loans denominated in and indexed to Swiss francs by 1.18 billion zlotys ($254.42 million), due to the market environment.

Poland's currency is expected to fall to a record low this year as the economy slows and a series of interest rate hikes have so far failed to curb inflation.

At 0922 GMT PKO BP shares were up 1.7%.

($1 = 4.6380 zlotys)

(Reporting by Adrianna Ebert; editing by Barbara Lewis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / POLISH ZLOTY NEW (EUR/PLN) -0.15% 4.68 Delayed Quote.2.18%
PKO BANK POLSKI S.A. -0.28% 28.78 Delayed Quote.-35.77%
US DOLLAR / POLISH ZLOTY NEW (USD/PLN) -0.80% 4.4873 Delayed Quote.11.78%
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Analyst Recommendations on PKO BANK POLSKI S.A.
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Financials
Sales 2022 18 936 M 4 198 M 4 198 M
Net income 2022 3 961 M 878 M 878 M
Net Debt 2022 - - -
P/E ratio 2022 9,63x
Yield 2022 4,93%
Capitalization 36 075 M 7 998 M 7 998 M
Capi. / Sales 2022 1,91x
Capi. / Sales 2023 1,83x
Nbr of Employees 25 503
Free-Float 68,6%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 28,86 PLN
Average target price 35,55 PLN
Spread / Average Target 23,2%
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Managers and Directors
Bartosz Remigiusz Drabikowski Director-Finance & Accounting
Maciej Lopinski Chairman-Supervisory Board
Artur Kurcweil Director-Technology
Mariusz Andrzejewski Member-Supervisory Board
Krzysztof Michalski Independent Member-Supervisory Board