PKO BP is due to report 4Q06 results on February 23. We expect the bank to report net earnings of PLN 571.6m, up 48.0% y/y but down 6.8% q/q. This is 4% higher than the consensus estimate of PLN 547.0m (with a range of PLN 413m – PLN 619m, according to PAP).
We have not included any gains from a possible further disposal of bad loans (principal value of PLN 272m), which may be booked in 4Q06, as there has been no guidance on the level of the anticipated gain.