Polish bank PKO BP plans to expand into nine new markets in Europe
Adds details on foreign expansion plans in paragraph 1-2, shares in paragraph 9
GDANSK, Oct 24 (Reuters) -PKO BP PKO.WA plans to expand into nine new markets in Europe as part of a new strategy for 2025-2027 unveiled on Thursday by Poland's biggest bank.
PKO BP, which already has branches in Poland, Germany, Slovakia, and Ukraine, pointed to Polish companies' presence in foreign markets and the dynamic growth of Polish trade in goods with European Union countries as the reason for its international expansion plans.
The bank did not say which new foreign markets it was aiming to move into.
PKO BP also said it wants to have a more than 20% share of participation in banking sector financing of the country's energy transition, as coal still dominates Poland's electricity generation and the government is working on a solution for polluting and unprofitable coal assets.
The bank also aims to achieve a return on equity (ROE) ratio, a measure of profitability, of more than 18% in 2027 while maintaining its ability to pay dividends or carry out share buy-backs.
In the first half of 2024 PKO BP had an ROE of 19.0%.
The state-owned bank also aims to keep its cost-to-income (C/I) ratio below 35% and its cost of risk level (CoR) at 70-90 basis points in 2027.
The previous strategy assumed ROE of above 12% by 2025, while C/I and CoR ratios were to be kept below 45% and between 70-90 basis points, respectively.
At 0756 GMT PKO BP's shares were up 1.25%.
Reporting by Mateusz Rabiega; editing by Jason Neely and Jane Merriman
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