PKO with 19% fall in net profits in Q1

Poland's biggest lender by assets, PKO BP recorded a 19 percent decline in its first quarter net profits caused by the negative impact of the low NBP interest rates and the cost of a merger with the Polish unit of Nordea. The state-controlled bank informed that its net profits amounted to PLN 647 million, compared with PLN 803 million in the corresponding period last year.