Polish Banks: 2Q 26 results preview

Research evidence excerpt

Polish Banks: 2Q 26 results preview

Equity Research

21 July 2026

Polish Banks

2Q 26 results preview

A more dovish rate outlook, margin commentary and ongoing

taxation debates are likely to dominate 2Q26 results season.

Strong loan growth, resilient fees and benign asset quality European Banks POSITIVE

Unchangedshould continue. We expect investor focus to centre on

management guidance, NIM outlook and earnings durability. European Banks

Krishnendra Dubey

+91 (0)22 6175 1719

Dovish pivot shifts focus to margin outlook: The Polish banking sector enters 2Q26 results krishnendra.dubey@barclays.com

against a more dovish macro backdrop. Following the March rate cut, markets are increasingly Barclays, UK

pricing further easing into 2027 rather than a prolonged pause, shifting investor focus towards Namita Samtani, CFA

medium-term earnings durability. We expect the first full-quarter impact of lower rates to begin +44 (0)20 3134 2583

feeding through to margins, while excess liquidity and increasing competition for corporate namita.samtani@barclays.com

lending continue to pressure spreads. Against this backdrop, we expect management Barclays, UK

commentary around guidance, NIM trajectory and earnings resilience to be the key focus of the

reporting season. While underlying loan growth remains healthy, we believe 2Q26 will be

characterised by increasing pressure on sector profitability rather than volume growth. Asset

quality remains benign, although the recent CJEU consumer lending ruling could result in

additional provisions across the sector.

Fiscal and regulatory risks remain an overhang: In addition to the changing rate outlook, we

expect investor attention to remain focused on the debate around sector taxation. As discussed