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Zachodni Posts Record Profit After Kredyt Bank Takeover

Bank Zachodni WBK SA, Poland’s third-largest lender and a unit of Banco Santander SA, posted a record quarterly profit as revenue increased after the takeover of domestic competitor Kredyt Bank SA.

Net income rose 61 percent to 537.4 million zloty ($177 million) in the three months ended Sept. 30, the bank said in a regulatory statement today. That beat the 388 million-zloty mean estimate of three analysts in a Bloomberg survey. Its shares jumped as much as 4.8 percent to a record 391 zloty and were 1.8 percent higher at 379.85 zloty at 1:47 p.m. in Warsaw.

Zachodni, which has boosted earnings in the last four quarters, has benefited from a merger with Kredyt Bank SA and continued demand for consumer loans. Profit will probably rise between 10 percent and 20 percent in 2013, Wojciech Skalski head of financial accounting at Zachodni, told reporters in Warsaw today. Earnings will probably also climb next year, Chief Executive Officer Mateusz Morawiecki said today.

“That’s one of the best set of earnings posted by a Polish company for a long time as the bank seems to have seen the positive impact of post-merger cost synergies earlier than planned,” Marcin Jablczynski, an analyst at Deutsche Bank AG in Warsaw, said by phone. “If the trends continue, the market may need to increase its profit outlook for next year.”

Third-quarter net interest income, the difference between what the bank pays on deposits and what it charges for loans, soared 49 percent to 864.3 million zloty from 580.5 million zloty a year earlier. Fee income rose 28 percent to 445.2 million zloty.

Bad loan provisions rose to 159.2 million zloty from 120.5 million zloty a year earlier.

Zachodni completed a merger with Santander’s Warsaw-based Kredyt in January, becoming the country’s biggest bank after state-controlled PKO Bank Polski SA and UniCredit SpA’s Bank Pekao SA.

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