The Revenue LinesNarrow moat

PKO Bank Polski (PKO) — moat facet

Four złoty in five are the spread, and in the first half of 2026 the spread stopped growing.

PKO's income comes in three lines, and one of them is most of the bank. In 2025 the result on business activities was 30 370 million złoty: net interest income 24 223 million, net fee and commission income 5 243 million and other net income 904 million 1. Net interest income was 79,8% of the total 2.

Income by line, H1 2025 and H1 2026 (zl m)12 135Interest 2512 027Interest 262 529Fees 252 785Fees 26597Other 25447Other 26PKO directors report H1 2026; result on business activities 15 259m zł against 15 261m zł
Interest income slipped, fees rose and other income fell: the total did not move.

The first half of 2026 changed the picture. Net interest income fell 0,9% to 12 027 million złoty while fees rose 10,1% to 2 785 million and other income fell 25,1% to 447 million, so the result on business activities was flat at 15 259 million against 15 261 million 3. Pre-tax profit still rose 19,9%, to 8 319 million, because net write-downs and impairment fell from 2 998 million to 1 458 million 4.

PKO reports no profit by income line; costs and provisions are reported for the bank as a whole. The chart shows the lines as the report does, summing to the result on business activities rather than to revenue.

The leaves follow the chart's three bands. The deposit franchise and the cost of risk are argued under The Moat; the leaves keep to each line's size, drivers and outlook. The test for the three together is net interest income: flat or falling while the interest margin declines, 4,47% in the first half of 2026 against 4,91% 5, means the bank's growth has to come from fees and lower provisions, and the provisions cannot fall forever.

Moat trajectory: Narrowing

The result on business activities was flat in the first half of 2026 as net interest income fell; profit rose only because write-downs halved.

The number that tests this moat
Reported
Result on business activities, first half
15 259m zł in H1 2026, against 15 261m zł

Flat income with profit up 19,9% means provisions did the work; income growing again is what a healthy bank looks like.

Source: PKO directors' report H1 2026 ↗
Dig deeper
DIG DEEPER 01
Net interest income
The deposit franchise's earnings fell for the first time in the cycle as the margin came down from 4,91% to 4,47%.
DIG DEEPER 02
Net fee and commission income
The line the strategy needs grew 2% in 2025 and 10% in the first half of 2026.
DIG DEEPER 03
Other income
A small, shrinking residue; insurance is the one part with a business behind it.
References
  1. ReportedIn 2025 the result on business activities was 30 370 million złoty: net interest income 24 223 million, net fee and commission income 5 243 million and other net income 904 million .
    PKO Bank Polski S.A. Group Directors' Report for 2025 - Group income statement (net interest income, net fee and commission income, other net income and its components, result on business activities) and basic financial data (interest margin, deposits, financing) — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcNet interest income was 79,8% of the total .
    Moat Explorer calculation from PKO's directors' reports for 2025 and H1 2026: shares of the result on business activities — FY2025 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedNet interest income fell 0,9% to 12 027 million złoty while fees rose 10,1% to 2 785 million and other income fell 25,1% to 447 million, so the result on business activities was flat at 15 259 million against 15 261 million .
    PKO Bank Polski S.A. Group Directors' Report for the six months ended 30 June 2026 - income statement by line, interest margin, financing granted, write-downs and profit before tax — H1 2026 · publ. August 2026 · source ↗
  4. ReportedPre-tax profit still rose 19,9%, to 8 319 million, because net write-downs and impairment fell from 2 998 million to 1 458 million .
    PKO Bank Polski S.A. Group Directors' Report for the six months ended 30 June 2026 - income statement by line, interest margin, financing granted, write-downs and profit before tax — H1 2026 · publ. August 2026 · source ↗
  5. ReportedThe test for the three together is net interest income: flat or falling while the interest margin declines, 4,47% in the first half of 2026 against 4,91% , means the bank's growth has to come from fees and lower provisions, and the provisions cannot fall forever.
    PKO Bank Polski S.A. Group Directors' Report for the six months ended 30 June 2026 - income statement by line, interest margin, financing granted, write-downs and profit before tax — H1 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026