Alior Bank S.A.

First-half 2026 revenue was PLN 1.37 billion, down 10% year over year, with management saying the CJEU judgment created a PLN 153 million adjustment in interest income and a PLN 196 million impact on operating result. Reported profit was PLN 367 million; management said it would have been PLN 433 million excluding the one-off, and adjusted ROE was 14.3% versus 11.5% reported. NIM was 4.5% reported, or 5.11% excluding the one-off effect, and cost/income was 37.7% reported, with management citing about 43% before adjustment in one section and about 40.3% in its closing summary. The NPL ratio was 5.16%, capital ratio 17.57%, LCR 283%, and MREL 21.72%. For guidance, management said it expects commission income in the second half to be no lower than in the first half, NIM to remain above 5%, year-end NPL to move below 5%, and costs to end the year no higher than inflation.

Piotr Zabski framed the quarter as a good operating period despite legal and tax noise, emphasizing that the bank is delivering on its strategy through resilience, operational excellence, and selective growth. He highlighted strong mortgage, leasing, and digital banking momentum, plus a deliberate shift away from lower-margin or unattractive products. His tone was confident but pragmatic: the bank will keep growing where margins are attractive and stay disciplined where competition is too intense.

Zdzislaw Wojtera focused on the earnings adjustments and balance-sheet strength. He said the CJEU judgment created a PLN 153 million adjustment in interest and contributed to a higher effective tax burden, while first-half net profit was affected by three major items including a PLN 98 million risk-cost adjustment. He pointed to a 4.5% reported NIM, or 5.11% excluding the one-off, a loan-to-deposit ratio above 70%, cost growth of about PLN 6 million to PLN 7 million per quarter, and a plan to keep 2026 costs no higher than inflation.

Analysts pressed management on SME lending, commission income sustainability, mortgage and corporate loan competition, consumer lending, cost control, and the impact of the CJEU ruling. Management said SME lending is not stagnating but is being reshaped to reduce double-digit NPLs and improve risk quality, which may mean slower growth before the portfolio stabilizes. On fees, the bank said it expects second-half commission income to be at least in line with the first half, and on competition it said pressure is rising across consumer loans, mortgages, and parts of business lending, so the bank will remain selective rather than chase low-margin volume.