Bank Pekao profit drops in Q2

Poland’s second-largest lender Bank Pekao recorded a consolidated net profit of PLN 685.1 million in the second quarter of 2014, compared to PLN 721.7 million a year earlier, the bank said in its financial statement on Tuesday. Analysts polled by the Polish Press Agency had expected the profit to amount to PLN 663.4 million. Pekao’s net interest income amounted to PLN 1.14 billion in Q2 2014 and was in line with analysts’ expectations. It grew by 5 percent year-on-year and by 1 percent quarter-on-quarter. Net fees and commissions came in at PLN 526.2 million, also in line with market consensus. It remained stable y/y and grew by 3 percent q/q.