Pekao Q2 profit drops

WSE-listed Pekao, posted PLN 535.1 million attributable net profit in Q2 2017, down 22.5 percent y/y, but still above the consensus expectations for PLN 533 million. Revenue from interests inched up by 1.9 percent q/q to PLN 1.13 billion, while earnings from fees and commissions, increased by 1.5 percent q/q to PLN 582.3 million. Bank’s assets amounted to PLN 170.53 billion at end-Q2, compared to PLN 169.16 billion at end-Q1. Pekao expects the 2017 results to match or even beat last year’s, due to the deal to acquire the outstanding stake in asset manager Pioneer Pekao. “This year we expect a one-off profit on the transaction for Pioneer and with that gain, we will likely have profits at last year levels or delicately higher,” Pekao CFO Tomasz Kubiak said.