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PKO Bank Polski Q1 net profit rises 44.2% YOY

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PKO Bank Polski Q1 net profit rises 44.2% YOY

PKO Bank Polski SA reported first-quarter net profit attributable to equity holders of the parent company of 757 million Polish zlotys, up from 525 million zlotys in the same period in 2017.

EPS for the quarter was 61 groszy, compared to the year-ago 42 groszy.

Net interest income rose on a yearly basis to 2.22 billion zlotys from 2.05 billion zlotys. Net fee and commission income also increased, to 737 million zlotys from 710 million zlotys.

Net gains on financial instruments measured at fair value amounted to 17 million zlotys, down from 19 million zlotys a year earlier.

Net expected credit losses, impairment allowances and provisions stood at 336 million zlotys in the period, down from the year-ago 391 million zlotys.

Administrative expenses came in at 1.58 billion zlotys in the quarter, compared to 1.56 billion zlotys in the year-ago period.

The group's net return on equity was 9.5% for the period, up from 8.6% a year earlier.

At March-end, the group's total capital adequacy ratio stood at 17.78%, compared to 17.37% at Dec. 31, 2017. The Tier 1 capital ratio was 16.43% at the end of March, compared to 16.50% at the end of 2017.

As of May 21, US$1 was equivalent to 3.66 Polish zlotys.