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ING BSK bank packs a powerful punch, exceeds expectations

TAG'S: INGBSK, Banking

Listed bank ING Bank Slaski, a unit of the Dutch financial giant ING, posted an attributable net profit of PLN 300.2 mln in Q1 2017, edging out consensus expectations for PLN 287.7 mln profit, the bank's Q1 report showed.

 

ING BSK MAJOR P&L LINES VS. PRIOR QUARTER & CONSENSUS:

Full size
From P&LQ1 2017ConsensusQ1 q/qQ1 y/yvs cons
Net interest income 815,5 818,8 0,7 22,1 -0,4
net fee earnings 289,6 275,5 2,2 14,1 5,1
Result on banking activity 1 134,5 1116,6 1,1 16,3 1,6
G&A cost -564,4 -565,4 1,2 10,9 -0,2
impairments (NET) -76,9 -78,1 -44,5 -2,5 -1,5
Pre-tax 413,8 - 18,7 22,6 -
attrib net profit 300,2 287,7 17,8 15,8 4,3
 

Interest income roughly matched expectations at PLN 815.5 mln. Net interest margin edged up to 2.75% from 2.67% in Q4 and 2.48% in Q1 2016, the report showed.

 

Net fees beat the consensus as they rose 2.2% q/q to PLN 289.6 mln.

 

Provisions matched expectations at PLN 76.9 mln, including PLN 34.1 mln in corporate and PLN 42.8 mln in retail. The NPL ratio at end-Q1 was flat q/q at 2.6%.

 

On the balance sheet, total assets increased by 1.2% q/q to PLN 118.85 bln. The loan book grew 2.9% q/q to PLN 84.4 bln, while deposits edged up 0.8% to PLN 96.6 bln. The LtD ratio as provided by the bank measured 83.5%.

 
 

2017-05-10



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