Once again, the results at Poland’s second largest bank Pekao did not disappoint, ending the last quarter of 2011 with a net profit of PLN 770.5m. That was up from the PLN 643.7m it earned in 2010. In doing so, the bank exceeded market expectations by 3 percent, as 17 brokerage houses had predicted the bank’s profit would be PLN 767m at best. Instead, Pekao’s earnings increased by 20 percent last year, compared to the same period of 2010 and it was up by 1 percent from Q3 2011.
