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UniCredit's Polish arm Pekao Q1 net profit below expectations
May 12, 2014 / 5:12 AM / 3 years ago

UniCredit's Polish arm Pekao Q1 net profit below expectations

WARSAW, May 12 (Reuters) - Bank Pekao, the Polish arm of Italy’s UniCredit, reported on Monday a 5 percent fall in net profit in the first quarter as an economic upturn failed to fully offset the negative impact of record-low interest rates.

Pekao, Poland’s No. 2 lender, said it earned 634 million zlotys ($208.6 million) compared with 665 million zlotys predicted by analysts polled by Reuters.

$1 = 3.0395 Polish Zlotys Reporting by Marcin Goclowski; Editing by Richard Pullin

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