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Poland's Pekao sees 2020 profit down by at least 50%

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Marcin Goclowski Reuters
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The net profit of Poland's second largest lender, Bank Pekao SA, may fall by at least 50% in 2020, its Chief Financial Officer Tomasz Kubiak was quoted as saying on Wednesday, as the bank suffers from an economic slowdown and near-zero interest rates.

WARSAW, Aug 5 (Reuters) - The net profit of Poland's second largest lender, Bank Pekao SA PEO.WA, may fall by at least 50% in 2020, its Chief Financial Officer Tomasz Kubiak was quoted as saying on Wednesday, as the bank suffers from an economic slowdown and near-zero interest rates.

"We will continue our activities on the cost side (...) however, we expect Bank Pekao's profit to decline in 2020 at the level of at least 50%," Kubiak was quoted as saying by state news agency PAP.

Last year Pekao's net profit amounted to 2.17 billion zloty ($583.88 million). ($1 = 3.7165 zlotys)

(Reporting by Marcin Goclowski, Editing by Alan Charlish)

((marcin.goclowski@thomsonreuters.com;))

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