Alior Bank S.A.

Alior Bank said first-half 2026 revenue was PLN 1.37 billion, down 10% year over year, and reported profit was PLN 367 million. Management said profit would have been PLN 433 million without the CJEU-related one-off, and Zdzislaw Wojtera said the first-half CJEU adjustment was PLN 153 million on interest plus PLN 153 million on fees and commissions, with a PLN 196 million impact on results overall and PLN 866 million cited for first-half net profit after the main items. Key ratios included ROE of 11.5% reported, or 14.3% excluding the one-off, cost/income of 37.7%, NIM of 4.5% reported or 5.11% excluding the one-off, a capital ratio of 17.57%, LCR of 283%, MREL of 21.72%, and NPL ratio of 5.16% at end-H1. Management also said the cost of risk was 0.71% core, and guided to keep NIM above 5%, commissions at least at first-half levels, and NPL below 5% by year-end.

Piotr Zabski framed the quarter as broadly strong despite one-offs and a tougher rate environment, repeatedly emphasizing that the bank is performing well on its strategic pillars of resilience, operational excellence, and growth. He highlighted strong mortgage, leasing, digital, and investment-product activity, saying the bank is choosing higher-margin business and stepping away from less profitable contracts. His tone was confident and disciplined, with an emphasis on maintaining high margins, selective growth, and automation/AI to support future efficiency.

Zdzislaw Wojtera focused on the earnings bridge and balance-sheet strength, saying the first half included a PLN 153 million CJEU adjustment on interest and PLN 153 million on fees and commissions, as well as a PLN 98 million cost-of-risk adjustment and higher effective tax, which together weighed on reported profit. He noted ROE of 11.5% reported versus 14.3% adjusted, cost/income of 37.7%, NIM of 4.5% reported versus 5.11% adjusted, and said the bank wants to keep NIM around 5%. On funding and capital, management highlighted an oversubscribed PLN 800 million S&P bond issue priced at 1.6% above WIBOR, redemption of N-series bonds at 2.81% margin, MREL of 21.72%, and LCR of 283%, while saying operating costs rose only about 1% per quarter and should stay no higher than inflation this year.

Analysts pressed management on SME lending stagnation, CJEU exposure, commission income sustainability, NIM, credit-market competition, and the impact of NPL sales and defaults. Management said SME lending is not stagnating but is being rebuilt with better risk parameters and lower double-digit NPLs, so the portfolio may shrink before improving. On the CJEU ruling, the bank said it affects about 25% of the consumer-loan portfolio, and management said the second half should not see commission income below first-half levels, NIM should stay above 5%, and the business default that lifted cost of risk was a single customer event.