PKO BP, Poland’s largest lender, closed Thursday’s trading at a record PLN 113.44 a share, lifting its market capitalisation above PLN 141.8bn. The previous all-time high of PLN 112.88 had been set only on 10 July.
Thursday’s session opened at PLN 109.52, slightly below Wednesday’s close of PLN 109.86, and then moved firmly upward. The PLN 110 barrier fell around 9:45, the price reached PLN 111.18 by 11:00, and at 14:20 it was exactly PLN 112.00. In the final hours buyers pushed the stock to PLN 113.44.
The upward trend has been running since the beginning of July. After the 10 July peak, pressure on PKO BP eased for several days, and the same was true for most large-caps from the WIG20 and mWIG40, as well as the banking sector. The second-quarter earnings season has now reset investor sentiment.
Earnings season changes the mood
mBank was the first positive surprise, reporting its strongest quarterly profit ever at PLN 1.06bn. On Thursday, ING Bank Śląski and Pekao delivered their numbers for the second quarter; although both are below last year’s levels, the higher corporate CIT rate in force since the start of 2026 is widely seen as a factor.
Higher interest rates helped lenders generate better net interest income on deposits than expected. The growing Polish economy is also generating more demand for corporate investment loans, consumer loans and mortgages, with the housing market particularly active.
Dividend and a relentless march upward
For PKO BP, the scale effect is the key. In the first quarter the group earned PLN 2.52bn, the highest profit in the sector. The bank is due to publish its Q2 and first-half results on 13 August, and analyst expectations point to even better numbers than in the first three months of the year. Such a report could give the stock another upward impulse.
Before the earnings release, investors are positioning for the dividend from 2025 profit. The last day to buy shares with entitlement to the payout is 5 August, and the transfer is scheduled for 13 August. The dividend amounts to PLN 6.14 gross per share.
The 12-month price action explains the scale of the move. On 16 April the stock was worth PLN 66.56, crossed PLN 70 on 19 September and PLN 80 on 12 December, stood at PLN 92.58 on 30 December and moved above PLN 102.00 on 17 April. Thursday’s close of PLN 113.44 brings the psychological barrier of PLN 150bn in market value into view.
Source: WNP.PL, Photo: MOZCO Mateusz Szymański / Shutterstock
