Poland's PKO BP Sees Q1 Net Profit Down By About 320 Mln Zlotys Y/Y

Powszechna Kasa Oszczednosci Bank Polski SA:Estimates Nbp Interest Rate Reduction And Other Decisions Made By Institutions Will Impact Group'S 2020 Net Profit By 550-600 Million Zlotys.To Recognize In Q1 Consolidated Statements Increase In Write-Offs For Legal Risk Related To Foreign Currency Mortgage Contracts In Amount Of 85 Million Zlotys.To Recognize Increase In Reserves For Partial Return Of Origination Fees Due To Early Repayment Of Retail Loans In Amount Of 70 Million Zlotys.To Include For Q1 A Conservative Provision On Covid-19 Due To Forecasted Deterioration Of Group'S Loan Portfolio And Other Financial Assets Amounting To At Least 215 Million Zlotys.Total Impact Of Above-Mentioned Events On Group'S Net Profit In Q1 Will Amount To At Least 320 Million Zlotys, And Group Will Record Significant Drop In Net Profit Compared To Q1 2019.