Pekao net profit beats expectations

WSE-listed Pekao, posted PLN 349.7 million attributable net profit in Q1 2017, down 29 percent q/q but still above the consensus expectations for PLN 327.1 million. Revenue from interests inched up by 0.2 percent q/q to PLN 1.11 billion, while earnings from fees and commissions, dropped by 6.4 percent q/q to PLN 573.48 million. Bank’s assets amounted to PLN 169.16 billion at end-Q1, compared to PLN 174.21 billion at end-2016. According to lender’s CEO Luigi Lovaglio, this year’s result will be slightly worse than last year’s PLN 2.28 billion net profit recorded last year. “The plans for the next quarters will enable us the goal of end-year result close to last year's result,” he explained.