Polish Banks Big Picture: Rising lending and earnings, stable deposit growth

Research evidence excerpt

Polish Banks Big Picture: Rising lending and earnings, stable deposit growth

Polish Banks Big Picture

08 July 2026 Citi Research

Sector remains over-liquid

n NBP bill volume declined vs. the beginning of the year but the banking system

remains over-liquid -- The volume of NBP bill issuance reached Zl c.354bn on 6

Jul 2026, i.e. was significantly higher than Zl c.70-90bn before the pandemic,

and around Zl 250bn reported in 2021 but below around Zl 360bn at the

beginning of 2026.

Figure 4. NBP – Weekly Issuance of NBP Bills, Jan 19-Jul 26 (Polish Zloty in

Billion)

Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, NBP

Rates on Savings Products

Figure 5. Polish Banks – Best Offer for Outstanding 3 Month Figure 6. Polish Banks – Best Offer for Outstanding Saving

Zl 20,000 Deposits, Jan 19-Jul 26 (Percentage) Account, Jan 19-Jul 26 (Percentage)

5.0% 3.0%

4.5%

4.0% 2.5%

3.5%

3.0% 2.0%

2.5%

1.5%

2.0%

1.5% 1.0%

1.0%

0.5% 0.5%

0.0%

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jun-20 Aug-20 Oct-20 Jan-21 May-21 Aug-21 Nov-21 Jan-22 Feb-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Oct-24 Apr-24 Jul-24 Dec-24 Mar-25 Jun-25 Sep-25 Jan-26 Apr-26 Jul-26 0.0%

PKO BP Pekao Erste BP Jan-19 May-19 Sep-19 Jan-20 Apr-20 Jul-20 Oct-20 Feb-21 Jul-21 Nov-21 Jan-22 Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 Jul-24 Jan-25 May-25 Sep-25 Feb-26 Jun-26

mBank ING BSK Millennium

Alior BNPP BP Average

Median - 3 months deposit PKO BP Pekao Erste BP

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, Banks' websites Source: Citi Research, Banks' websites