The Group’s operating income in 2025 amounted to PLN 17,165 million and was 7.0% higher than in 2024, mainly due to net interest income and net fee and commission income, which was driven by volume increases and increased customer activity.
The consolidated income statement
In 2025, the net profit of the Bank Pekao S.A. Group attributable to the Bank’s shareholders amounted to PLN 7,015 million was higher by PLN 639 million, i.e. 10.0% compared to the result achieved in 2024. This was the highest result achieved in the Group’s operations to date.
The results of 2025 include the establishment of provisions for consumer protection matters in the amount of PLN -202 million net, higher by PLN 150 million y/y, and the revaluation of deferred tax assets, with a positive impact on net profit in the amount of PLN 179 million.
Total net interest income
Net interest income in 2025 amounted to PLN 13,693 million and was higher by PLN 964 million, i.e. 7.6%, compared to the result achieved in 2024, mainly due to higher volumes, especially in strategic product areas and higher interest margin, with continued high liquidity and lower costs of deposits. The 2024 results include the costs of credit holidays in the amount of PLN 153 million.
In 2025, interest income and income similar to interest amounted to PLN PLN 19,215 million and were higher by PLN 405 million y/y, thanks to higher volumes, especially in the strategic areas of cash loans, growing by more than 13% y/y, corporate loans from the MID and SME segments, also growing by more than 13% y/y. The 2024 results include the costs of credit holidays in the amount of PLN 153 million.
Interest expense in 2025 amounted to PLN 5,522 million and was lower by PLN 559 million y/y, despite higher volumes of liabilities to customers and from the issue of debt securities, growing by 5% y/y, thanks to the effective pricing policy and management of the Group’s liquidity needs
The net interest margin achieved in 2025 amounted to 4.2% and remained at the level recorded in 2024, excluding the costs of credit holidays, despite lower interest rates.
Net non-interest income
The table below presents the Group’s net fee and commission income divided according to the main areas of the activity.
Operating costs
Operating expenses in 2025 amounted to PLN 5,530 million and were higher by PLN 286 million, i.e. 5.5% compared to 2024, supporting business development, with the costs of salaries and other employee benefits lower by 1.5% y/y, thanks to the launch of the voluntary redundancy program at the end of 2024.
Costs/income (including contributions to the Bank Guarantee Fund) in 2025 amounted to 34.5% compared to 34.2% in the same period of 2024.
Contributions to the Bank Guarantee Fund
Contributions to the Bank Guarantee Fund in 2025 amounted to PLN 384 million and were higher by PLN 145 million, i.e. 60.7% than in 2024 due to the restoration of contributions to the Bank Guarantee Fund, which had not been collected for the last two years, and an increase in the volume of guaranteed funds.
The tax on certain financial institutions in 2025 amounted to PLN 861 million and was lower by PLN 37 million, i.e. 4.1% than in 2024.
Net allowances for expected credit losses and cost of risk
Net allowances for expected credit losses in 2025 amounted to PLN 760 million and was lower by PLN 123 million, i.e. 13.9% than in 2024.
The Group’s cost of risk in 2025 amounted to 0.39% and was lower by 0.09 p.p. than in the previous year and is in line with the strategic assumptions and the adopted risk appetite. The decrease in the cost of risk is mainly due to a lower loss ratio of the loan portfolio, in particular the retail loan portfolio, which was also reflected in a gradual improvement in the parameters used in the valuation and income from the sale of the loan receivables portfolio.