A cool market reception for PKO BP's Q1 results

The value of granted loans during the first quarter rose by zł.2.8 billion and reached zł.55.3 billion. The value of mortgages grew by 45%, a result which has strengthened PKO BP's position as the market leader in this segment. During the past 12 months, the group's costs have increased by zł.73 million, that is by 9%. The ratio of costs to revenues remains at a relatively poor level of 68%, despite the fact that the bank has axed 1,000 jobs. Over the coming years the depreciation of the bank's integrated IT system will most likely have the most visible impact on the institution. The market coolly received the results, with the bank's share price falling behind sector competitors. (Puls Biznesu, p. 11) A.K.