Other incomeThin moat

PKO Bank Polski (PKO) — moat facet

A small, shrinking residue; insurance is the one part with a business behind it.

Other income is everything outside interest and fees, and it has been shrinking. It was 904 million złoty in 2025 against 1 492 million in 2024, down 39,4% 1, about 3% of the result on business activities 2.

Other income by component, H1 2026 (zl m)Net insurance income+382Foreign exchange gains+185Financial transactions+134Dividend income+56Other operating expense-310PKO directors report H1 2026; the line totals 447m zł against 597m zł
Insurance is the only part with a business behind it; the operating-expense item is what pulled the line down.

It is a mix: net insurance income of 616 million złoty in 2025, gains on financial transactions of 320 million, foreign exchange gains of 267 million and dividends of 14 million, less 313 million of net other operating expense 3. The fall in 2025 came mostly from that last item, which swung from a gain of 173 million to a loss 4.

The first half of 2026 fell further: other income was 447 million złoty against 597 million, down 25,1%, although insurance income rose 22,9% to 382 million and foreign exchange gains rose 61% to 185 million 5. Net other operating expense widened to 310 million 6.

Insurance is the only part of this line with a business behind it: PKO sells its own life and property insurance to its customers. The number to watch is net insurance income, 382 million złoty in the first half of 2026 7; growing near 20% a year would make insurance a fourth line worth reporting on its own.

Moat trajectory: Narrowing

Other income fell 39% in 2025 and 25% in the first half of 2026, though insurance income rose.

The number that tests this moat
Reported
Net insurance income, first half
382m zł in H1 2026, +22,9%

The one growing part of this line; near 20% a year it would become worth reporting on its own.

Source: PKO directors' report H1 2026 ↗
References
  1. ReportedIt was 904 million złoty in 2025 against 1 492 million in 2024, down 39,4% , about 3% of the result on business activities .
    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 calcIt was 904 million złoty in 2025 against 1 492 million in 2024, down 39,4% , about 3% of the result on business activities .
    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. ReportedIt is a mix: net insurance income of 616 million złoty in 2025, gains on financial transactions of 320 million, foreign exchange gains of 267 million and dividends of 14 million, less 313 million of net other operating expense .
    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 ↗
  4. ReportedThe fall in 2025 came mostly from that last item, which swung from a gain of 173 million to a loss .
    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 ↗
  5. ReportedThe first half of 2026 fell further: other income was 447 million złoty against 597 million, down 25,1%, although insurance income rose 22,9% to 382 million and foreign exchange gains rose 61% to 185 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 ↗
  6. ReportedNet other operating expense widened to 310 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 ↗
  7. ReportedThe number to watch is net insurance income, 382 million złoty in the first half of 2026 ; growing near 20% a year would make insurance a fourth line worth reporting on its own.
    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