Santander Bank Polska S.A.

First-half 2026 net profit was PLN 2.2 billion, with Q2 net profit at PLN 1.173 billion, up 14% year over year. Net interest income in H1 was PLN 6.164 billion; net fee income was PLN 1.539 billion, up 5% year over year; total income was PLN 8.052 billion, up 1% year over year. Customer deposits were PLN 246 billion (+11%), total customer funds were PLN 279 billion (+13%), gross loans were PLN 177 billion (+8%), total assets were PLN 323 billion (+3%), ROE was 19%, and LCR was 195.5%. Q2 net interest margin was 4.39%. Management said H1 costs included PLN 175 million of rebranding costs and PLN 107 million of integration costs, and the net balance of ECL provisions was PLN 250 million with cost of risk around 35 basis points. Looking ahead, management reiterated the 2026 rebranding cost plan of PLN 250 million and said total integration and rebranding costs for the year remain capped at PLN 500 million; they also suggested cost of risk should stay around the recent 40-50 bps range or possibly better if macro conditions remain favorable.

Michal Gajewski framed the quarter as the first full quarter operating entirely under the Erste Bank Polska brand and said customer reception to the rebrand has been strong. He emphasized rapid brand-awareness gains, continued investment in customer acquisition, and a strategy focused on profitable growth rather than market share alone. He also highlighted product innovation in savings and investing, saying the group’s support and experience in CEE are helping build the new strategy in Poland.

Bernhard Leder focused on the quarter-to-quarter reversal in net interest income, noting Q2 NII improved despite about PLN 71 million of ECJ-related pressure, which he said equated to roughly a 10 bps hit to NIM. He said the business benefited from strong volume growth on both sides of the balance sheet, higher deposit-driven investment book balances, and a slightly longer duration in the liquidity book. On costs, he said the bank is on track with the PLN 250 million rebranding budget for 2026 and the PLN 500 million cap for total integration and rebranding costs, while keeping business-as-usual costs tightly controlled and aiming to preserve strong cost efficiency.

Analysts pressed management on whether NIM pressure is easing, and management said the trend is reversing: Q2 NII improved, the ECJ ruling was the main one-off drag, and stronger balance-sheet volumes and the end of further rate cuts should support margins. Questions on fees were answered by pointing to temporary SME promotions that reduced Q2 fee growth versus Q1, while management stressed underlying fee momentum remains positive across asset management, guarantee, credit, brokerage, and FX fees. The Q&A also covered legal and regulatory issues, including UOKiK proceedings and ECJ-related claims; management said no provisions have been booked, they view current provisions as adequate, and they have not seen a dramatic increase in complaints or lawsuits.