Commercial keeps fashion, the profit of the bank broke the consensus – StockWatch.pl

The bank’s net profit was 6 percent. higher than the average of the forecasts of experts, but it was not enough to overcome last year’s base. The strong point of the report was a high net interest margin.

Results Bank Handlowy fit in with what so far showed competitors – ING BSK, Millennium, BZ WBK and mBank. Each of these banks showed a net profit of 10 percent. above market consensus estimates. In Handlowy net profit amounted to 217 million zł, which turned out to be 6 percent. above market expectations. However, it was not enough to improve profit in the first quarter of 2014., Which amounted to 248 million zł.

In the first quarter of 2015. Net interest income of the bank amounted to 256.8 mln zł and proved to coincide with the expectations of analysts . However, in y / y declined by 12 percent. Net commission income is 151.4 million to 154.2 million zł zł expected by the market. At the same time it fell by 3.6 percent. y / y. The balance of provisions for impairment of loans in the first quarter of 2015 years was negative and amounted to 3.5 million zł, and the market balance expected at -4.8 million zł. A year earlier balance was positive and amounted to 2.4 million zł. & gt; & gt; Commercial financial statements can be found here

– Results in the first quarter. 2015. Were above consensus, mainly on higher trading income. In our view, noteworthy surprisingly good interest margin . Net interest income was in line with our expectations and slightly better than consensus. We expect a positive market reaction to the results. – Says Marta Czajkowska-Bałdyga, an analyst at DM BPS.

The trading result achieved in the level of 184 million zł. During the year it improved by 10 percent. Analysts DM BPS founded here 169 million zł. In contrast, the result of debt securities in the amount of 98 million zł came in line with expectations.

On Friday, shares of Commercial increase in value. This year the bank quotations increased by 5.6 percent. to 4,3 per cent. the growth of WIG-Banki. Recall that the company declared a dividend this year’s allocation to 7.43 zł per share – the rate of 6.6 percent. Recommendation still requires the consent of the general meeting.