May 4, 2020 / 5:35 AM / 25 days ago

BRIEF-Bank Pekao Says Interest Rate Cuts Will Lower Group's Net Result By About 450-500 Mln Zlotys In 2020

May 4 (Reuters) - Bank Polska Kasa Opieki SA:

* SAID ON THURSDAY THAT DUE TO DECISIONS REGARDING REDUCING INTEREST RATES GROUP’S NET RESULT IN 2020 WILL BE LOWER BY ABOUT 450-500 MILLION ZLOTYS AS A RESULT OF LOWERING THE INTEREST MARGIN BY ABOUT 30 BASIS POINTS

* ASSUMES ALSO THAT NEGATIVE IMPACT OF LOWER ECONOMIC ACTIVITY IN POLAND DUE TO COVID-19 EPIDEMIC ON THE LEVEL OF COSTS OF RISK FOR THE GROUP IN Q1 2020 WILL BE AROUND 200 MILLION ZLOTYS

* ABOVE MENTIONED PROVISION FOR EXPECTED WORSENING OF CREDIT PORTFOLIO QUALITY WILL BE RECOGNISED IN CONSOLIDATED FINANCIAL REPORT FOR Q1

* EXPECTS THAT CONSOLIDATED NET RESULT IN Q1 WILL BE LOWER THAN A YEAR AGO

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Further company coverage: (Gdansk Newsroom)

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