Erste Bank Polska S.A.

Strong operating momentum & growth (Q3 and YTD) - Net profit: PLN 3.69bn after 9M 2026; PLN 1.49bn in Q3. - Balance sheet expansion: deposits PLN 252bn (+14% YoY); customer funds PLN 287bn (+15% YoY); gross loan portfolio PLN 183bn (+11% YoY); total assets PLN 340bn (+4% YoY). - Income stability: total income PLN 12.11bn after 9M (roughly flat/slightly up YoY); Q3 income PLN 3.06bn (stable QoQ). - Digital scale: 6.2m clients total, 4.2m digital clients; mobile app usage up ~10% YoY. Total new customers after 9M: 481k.

Net interest income resilience, but NIM slightly under pressure (with sensitivity provided) - NII: PLN 9.47bn after 9M; Q3 PLN 3.3bn, +6.5% QoQ. - Drivers: volume growth in loans and deposits; interest expense fell faster (interest income -6% YoY vs interest expense -22% YoY). - NIM: 4.42% in Q3; there was a question about the slight NIM decrease—management framed it as “bottoming out” and emphasized improved dynamics via rates and portfolio duration. - Rate sensitivity outlook: if rates decrease by 1%, expected NII impact over next four quarters around PLN ~300m. Management also slightly increased duration of the investment book to stabilize margins.

SME growth is the key “investment story” (good acquisition performance; near-term cost drag) - SME acquisition surged: SME customer acquisition +97% YoY, and by Sep the bank had 657k SME customers (+17% YoY). - Special offer mechanics: ~5,000 inflows to the account, 5 card transactions (min PLN 1,000), payments to social security/tax, marketing consent; bonus PLN 1,500 for max 3 months if conditions met. - Results after 3 quarters: 115k business accounts opened (vs “more than year ago” baseline), 56k in Q3 alone. - Quality/attrition check: management stated no visible attrition; >2/3 of newly acquired SME customers are active; balances near SME base average; ~10% took loans, and about half opened personal accounts (cross-sell potential). - Cost impact (negative / watch item): Q3 fee income included acquisition costs of PLN ~129m, and management warned Q4 should bring somewhat higher costs in the fee line. Return expected over the longer run.