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The Warsaw Voice » Business » May 16, 2014
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Bank PKO BP sees 8-digit losses in Ukraine in 2014 - CEO
May 16, 2014   
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Bank PKO BP could suffer a loss in 2014 in the tens of millions of zloty, CEO Zbigniew Jagiello said during a conference on Thursday.

"Due to the current situation in Ukraine we do not expect Kredobank to be profitable this year - under a pessimistic scenario this bank's net loss may amount to tens of millions zloty," Jagiello said.

PKO BP had PLN 21.4 million in attributable net losses from Ukrainian operations in the first quarter, the group's Q1 financial report out pre-session Thursday showed.

According to the report PKO BP netted attributable PLN 802.6 million in Q1 2014, a notch below consensus for PLN 816 million profit, with decline in core earnings compensated by reduced risk and operating costs.
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