Net fee and commission incomeNarrow moat
PKO Bank Polski (PKO) — moat facet
The line the strategy needs grew 2% in 2025 and 10% in the first half of 2026.
Fees and commissions are the part of PKO's income that does not depend on interest rates. The line was 5 243 million złoty in 2025, up 2,4% from 5 120 million 1, and 17,3% of the result on business activities 2.
It is paid per account, card, transaction, loan arrangement, fund and insurance product: the fees on nearly 9,8 million current accounts, card and payment income, and the commissions from PKO's asset management and insurance arms 3.
It grew far more slowly than interest income in 2025, 2,4% against 9,3% 4, which is why the bank's strategy aims at income that does not depend on the central bank, through Allegro and Automarket.
The first half of 2026 was better. Fee and commission income was 2 785 million złoty, up 10,1% 5, and its share of the result rose to 18,3% 6, the fastest-growing of the three lines in a half when net interest income fell.
The measure to watch is whether fees keep growing near 10% as rates fall. That is what would replace the spread; a return to the 2% of 2025 would leave PKO's earnings to the rate cycle and to provisions.
Fee income grew 10,1% in the first half of 2026 after 2,4% in 2025, lifting its share of the result to 18,3%.
A rising share is the diversification the strategy promises; falling back would leave earnings to the rate cycle.
- ReportedThe line was 5 243 million złoty in 2025, up 2,4% from 5 120 million , and 17,3% of the result on business activities .PKO Bank Polski S.A. Group Directors' Report for 2025 - Group income statement (net interest income, net fee and commission income, other net income and its components, result on business activities) and basic financial data (interest margin, deposits, financing) — FY2024-FY2025 · publ. March 2026 · source ↗
- Moat Explorer calcThe line was 5 243 million złoty in 2025, up 2,4% from 5 120 million , and 17,3% of the result on business activities .Moat Explorer calculation from PKO's directors' reports for 2025 and H1 2026: shares of the result on business activities — FY2025 to H1 2026 · publ. 2026-09-23 · source ↗
- ReportedIt is paid per account, card, transaction, loan arrangement, fund and insurance product: the fees on nearly 9,8 million current accounts, card and payment income, and the commissions from PKO's asset management and insurance arms .PKO Bank Polski S.A. Group Directors' Report for 2025 - Group income statement (net interest income, net fee and commission income, other net income and its components, result on business activities) and basic financial data (interest margin, deposits, financing) — FY2024-FY2025 · publ. March 2026 · source ↗
- ReportedIt grew far more slowly than interest income in 2025, 2,4% against 9,3% , which is why the bank's strategy aims at income that does not depend on the central bank, through Allegro and Automarket.PKO Bank Polski S.A. Group Directors' Report for 2025 - Group income statement (net interest income, net fee and commission income, other net income and its components, result on business activities) and basic financial data (interest margin, deposits, financing) — FY2024-FY2025 · publ. March 2026 · source ↗
- ReportedFee and commission income was 2 785 million złoty, up 10,1% , and its share of the result rose to 18,3% , the fastest-growing of the three lines in a half when net interest income fell.PKO Bank Polski S.A. Group Directors' Report for the six months ended 30 June 2026 - income statement by line, interest margin, financing granted, write-downs and profit before tax — H1 2026 · publ. August 2026 · source ↗
- Moat Explorer calcFee and commission income was 2 785 million złoty, up 10,1% , and its share of the result rose to 18,3% , the fastest-growing of the three lines in a half when net interest income fell.Moat Explorer calculation from PKO's directors' reports for 2025 and H1 2026: shares of the result on business activities — FY2025 to H1 2026 · publ. 2026-09-23 · source ↗