The PKO Bank Polski Group generated a net profit of PLN 647.2 million in the Q1 2015 and the assets exceeded a quarter of a trillion of Polish złoty for the first time in the history of the Polish banking sector. Effectiveness remains high with ROE at 11.5 percent and ROA at 1.3 percent at the end of the Q1 2015. Thanks to the significantly improved portfolio's quality the cost of risk fell to 90 bps, the lowest level in five years. The Bank's results in the first half of this year will not be fully representative because they are penalized by integration costs and adverse market and regulatory factors. The smooth completion of the operational merger with Nordea Bank Poland should positively impact financial results of PKO in the second half of 2015.
IH2015 results will not be fully representative and do not reflect the full potential of the Bank. Indeed, they are burdened by regulatory factors and costs of integration, do not contain cost synergies that will be seen in the second half of this year. Currently, we place great emphasis on the loan portfolio growth, improved capital management and strengthening the cost discipline. We are seeing very positive trends in the improvement of asset quality, which translates into the lowest cost of risk since years. This is one of our priorities of our present strategy - said Zbigniew Jagiello, CEO of PKO Bank Polski.