PKO Bank Polski (PKO),
Poland’s largest bank by assets, has beaten analyst forecasts with
a record net profit for the 12 months to 31 December of PLN3.81bn
($1.2bn), up 18% on the year ago period.

Net interest income
soared by 17% to PLN7.61bn, boosted by lending growth and helped to
offset disappointing net fees income (down 1.3% year-on-year to
PLN3.1bn).

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Total deposits increased
by 10% to PLN146.5bn while total lending rose by 9% to PLN147.3bn;
total assets increased by 12% to PLN190.7bn.

Other positive metrics
included a 2.1 percentage point fall in PKO’s cost-income ratio to
39.6%.

Less positive metrics
included a 3.3% rise in provisions to PLN1.93bn.

PKO ended 2011 with a
branch network of 1,198 outlets serving 6.18m customers.

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PKO current account
customer numbers grew to 5.5m; Inteligo (online current) account
numbers totalled 671,000.

Total cards in issue
amounted to 7.17m; credit cards in issue just passed the 1m
barrier.