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PKO Bank Q1 net profit slides YOY, despite higher NII

PKO BankPolski SA reported first-quarter net profit attributable to equityholders of the parent company of 638.6 million Polish zlotys, down from 647.2million zlotys in the year-ago period.

EPS for the quarter amounted to 51 groszy, compared with 52groszy a year earlier.

Net interest income totaled 1.85 billion zlotys, up from1.67 billion zlotys in the first quarter of 2015. Net fee and commission fellto 635.4 million zlotys from 679.2 million zlotys over the same period.

Net income from financial instruments measured at fair valuewas negative 8.4 million zlotys, down from the year-ago positive figure of 23.1million zlotys.

Net impairment allowance and write-downs amounted to 382.2million zlotys, up from 373.6 million zlotys a year earlier, whileadministrative expenses decreased to 1.36 billion zlotys from 1.40 billionzlotys over the same period.

The group's capital adequacy ratio stood at 15.44% at theend of March, compared with 14.61% as of Dec. 31, 2015.

As of May 6, US$1 wasequivalent to 3.87 Polish zlotys.