Bank Pekao beats consensus on PLN 685m Q2 net gain
August 6, 2014
Bank Pekao, the Warsaw-listed unit of Italy's Unicredit, posted an attributable net profit of PLN 685.1 million in Q2 2014, above consensus expectations for PLN 663.4 million but with key revenue and cost lines more closely meeting market expectations, the group’s financial report showed.
The beat was most visible in lower than expected provisions, with key revenue and cost lines more closely meeting market expectations.
"After the first two quarters, we are on track to meet our plan," Bank Pekao CEO Luigi Lovaglio said, defining the FY target as an improvement on 2013 operating results and, "to the extent possible" by enough of a margin to compensate for prior year profits on portfolio sales in order to bring the net profit line up to the 2013 mark.
The bank is also on track to beat 2013 retail loan sales this year, Lovaglio added.