Polish Banks Big Picture: Next solid month but we flag legal risks

研报英文原文证据摘录

Polish Banks Big Picture: Next solid month but we flag legal risks

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17 Jun 2026 00:14:14 ET │ 36 pages

Polish Banks Big Picture

Next solid month but we flag legal risks

CITI'S TAKE

Andrzej Powierza AC

April was the next solid month in terms of volume growth, both on loan and +48-22-690-3566

deposit side and best this year in terms of profitability but we maintain our andrzej.powierza@citi.com

view that these positives are already priced-in while the balance of risk is

skewed to the downside (see Poland Diversified Banks - A chapter is closing

– Turning Neutral on Polish banks). The banking sector still analysis the

consequences of CJUE ruling in case C-744/24 (see LINK, BI 6/14) but we

see a risk that the banks will decide to stop charging borrowers for interest

on a part of loans provided to finance up-front costs and will create some

provisions for claims of borrowers who may demand a return of interests

charged in the past, which may impact 2Q26 results (see LINK).

Rising lending — In Apr. 2026, total loans grew +7.9% yoy (vs. +7.8% yoy in Mar. 26).

The growth in core products remained high: in corporate loans immaterially

decelerated to +11.5% yoy from +12.1% yoy a month ago while in consumer loans

insignificantly accelerated to +9.2% yoy from +9.1% yoy and in Zloty mortgages to

+9.2% from +8.9% yoy. The total loan dynamics continue to be negatively impacted

by decreasing balance sheet stock of FX mortgages (-31.0% yoy) and loans to

individual entrepreneurs (-3.4% yoy). In Apr. 2026 origination of consumer loans

increased +6.5% yoy, mortgage loans rose by +24.3% yoy while production of

corporate loan decreased by -26.9% yoy (3months trailing production grew +7.5%

yoy, +30% yoy and +4% yoy, respectively).