Bank Polska Kasa Opieki S.A.

Strong operating momentum (especially commissions) but tax burden is a big drag - Management highlighted two-/digit commission revenue growth for ~4–5 consecutive quarters, signaling improving fee/transaction engines. - Tax and regulatory burdens increased sharply YoY (~PLN 800m) (corporate income tax + Bank Guarantee Fund contributions), said to be materially higher than what analysts had expected. - Dividend-capacity metrics are supported by the rest of the profitability picture despite this drag.

Loans & customer growth: good momentum in the bank’s target segments - Credit portfolio +10% YoY. - Corporate (MID & SME focus): two-digit growth (~14% YoY for two quarters), with corporate credit +14.4% YoY. - Retail cash loans: >16% growth YoY, with record Q3 sales ~PLN 2.3bn. - Funding: overall deposits just under +10% YoY; strong liquidity with LCR ~231%. - Opportunities: trusteeship services (earn good fee generation); leasing still seen as weaker vs ambitions but showing ~17% growth.

NIM under pressure from rates, but management expects stabilization/rebound - NIM at ~3.89% in Q3; interest rate results -0.2% YoY, but management claims competitive/rates impacts were partly offset by volume growth and mix in strategic segments (PEX/SME/MID). - CFO/CEO noted a drop in Q3 NIM due to earlier events, and management expects NIM to stabilize mid-term once deposit repricing catches up. - Noted upcoming regulatory/market pressures (e.g., POLSTR reform) as potential headwinds.