PKO Bank Polski sees double-digit growth in 1H 2026 outlook despite margin pressure

PKO Bank Polski on Monday outlined a double-digit growth trajectory for the first half of 2026, even as net interest margins face sustained pressure from a competitive lending environment.

The Polish bank, which holds the largest retail deposit base in the country, projected revenue and profit increases driven by volume growth across loans and fee-based services. Management highlighted cost discipline and operational efficiency as key mitigating factors against margin compression, which has weighed on profitability in recent quarters.

Slides released to investors emphasized a strategic focus on expanding customer acquisition while maintaining tight control over operating expenses. The outlook assumes a stable macroeconomic backdrop in Poland, with no material deviations from current interest rate expectations.

Analysts tracking the sector noted that while margin pressure remains a structural challenge for Polish banks, PKO Bank Polski’s scale and diversified revenue streams position it to outperform peers. The lender’s guidance contrasts with broader industry trends, where regional banks have reported narrower margins due to rising funding costs and regulatory pressures.

The disclosure follows a period of volatility in Polish financial markets, where concerns over inflation and monetary policy have periodically disrupted investor sentiment. PKO Bank Polski’s updated guidance is expected to be discussed in further detail during its next earnings presentation.