Santander Bank Polska S.a Stock Earnings Reports

Erste Bank Polska reported a strong H1 2026 with net profit of PLN 2.2 billion (Q2 PLN 1.173 billion, +14% Q/Q). Key growth drivers were customer acquisition (300k+ in H1), digital adoption (4.1m digital customers; 3.5m mobile users, +10% y/y), loans (gross loans PLN 177bn, +8% y/y; notable origination: PLN 8.1bn cash loans +35% y/y and PLN 6.7bn new mortgages in H1), and deposits (PLN 246bn, +11% y/y). Total income was PLN 8.05bn (+1% y/y) with net interest income of PLN 6.16bn (NII slightly down y/y but improving Q2; NIM Q2 4.39% including a one-off ~10bps ECJ charge). Net fee income remains a strength (PLN 1.54bn, +5% y/y) though Q2 was impacted by an SME promotion. Costs in H1 were elevated by one-off rebranding and integration (rebranding ~PLN 250m for 2026; H1 rebranding PLN 175m and integration PLN 107m), but on a like-for-like basis cost/income is strong (C/I ~28.7% ex one-offs). Credit quality is healthy (NPLs 3.6%, cost of risk ~35 bps) and the bank realized a gain from NPL sale in Q2. Effective tax rate rose materially (effective tax ~39.7% for the period) which increased the tax burden y/y. Management reiterated guidance: loan growth around ~7–8% in 2026 with slightly lower growth in 2027, cost discipline with planned integration/rebranding cap for the year (guidance consistent), and continued focus on fees, asset management expansion and digitalization. Regulatory/legal items (UOKiK, ECJ-related litigation) are being monitored; no additional provisions made beyond current levels. Overall outlook: solid franchise momentum post-rebranding, healthy capital and liquidity (LCR ~195.5%), investment in growth and digital/asset-management initiatives funded by one-off rebranding/integration spend, and improving NII dynamics into H2 absent further adverse developments.