Record profits despite a higher tax bill
The second-quarter 2026 earnings season delivered numbers that would have seemed unlikely to Poland's banking sector just a year ago. mBank reported a record net profit of PLN 1.06 billion — the bank's best quarter ever, and one that matched analysts' expectations exactly. PKO BP, Poland's largest bank, posted around PLN 2.75 billion in net profit, up 9% quarter on quarter and 3.3% year on year. Combined, the country's nine largest banks earned roughly PLN 9.15 billion in the second quarter — a 13% jump quarter on quarter, though still down about 1.5% compared with a year earlier.
These figures are all the more notable because, since the start of 2026, commercial banks in Poland have been paying corporate income tax (CIT) at 30%, up from the previous 19%. That is one of the steepest increases in fiscal burden the Polish financial sector has seen in years. Yet results did not just hold up — in many cases they clearly improved quarter on quarter.
mBank posts its best quarter on record
For the first half of 2026 alone, mBank's net profit reached around PLN 2 billion, a rise of more than 20% year on year. The bank's management has already signalled its intention to resume dividend payouts — a decision that had been put on hold in recent years out of regulatory and capital caution. For shareholders, that is a signal the bank considers its capital position solid enough to start sharing profits with investors again, even under a heavier tax load.
It is worth stressing that this record quarterly result did not appear out of nowhere. It reflects several years of consistent work on cost efficiency, loan portfolio quality, and the expansion of mobile banking, which lets the bank serve a growing customer base without a proportional rise in operating costs. For the bank's customers, the dividend announcement is an indirect but clear signal of stability at the institution they trust with their savings.
PKO BP defends its lead
PKO BP, the biggest player in the Polish banking market, showed that scale still matters. A 9% quarter-on-quarter profit increase, combined with positive 3.3% year-on-year growth, suggests the bank is managing both its net interest margin and credit risk costs effectively. In practice, that means its business model remains profitable even under the higher CIT rate, and the market leader is not ceding ground to smaller, more agile competitors.
Where are these results coming from despite the higher tax?
There is no single answer, but several factors are compounding. First, despite stable interest rates, banks are still benefiting from a relatively wide net interest margin — the gap between what they charge on loans and what they pay on deposits. Second, loan portfolio quality is improving, which means lower risk provisions. Third, banks have spent years investing in automation and digitisation, which lowers operating costs even as more customers move to mobile banking instead of branches.
It is worth remembering, though, that the sector's combined result — despite a solid quarter-on-quarter increase — is still slightly below last year's level, down roughly 1.5%. That shows the CIT hike is genuinely weighing on banks' bottom lines; the sector is simply absorbing that burden better than many analysts expected at the start of the year.
What do these results mean for customers?
Will banks pass the higher CIT cost on to customers?
This is the question anyone following this news is really asking — not from a stock-market angle, but from the perspective of their own wallet. In theory, a higher tax bill is a temptation to raise account fees, widen lending margins, or cut deposit rates. In practice, however, Poland's banking market today is competitive enough that no single bank can afford to unilaterally worsen its offer without risking losing customers to rivals. If you are considering switching banks or looking for better terms, it is worth regularly checking and comparing personal account offers — differences in monthly fees and the conditions for waiving them can be substantial, regardless of how well a given bank's earnings look on paper.
Sector stability is good news for savers
Record profits, achieved even under a heavier tax burden, are a signal of stability for the entire banking system. For customers, that means lower systemic risk and greater confidence in the funds they entrust to banks. A strong capital position also gives banks a better base from which to compete for customer deposits — which in turn could translate into more attractive terms on term deposits or savings accounts, especially as banks look to keep a steady inflow of relatively cheap retail deposit funding.
The return of dividends — what it means in practice
mBank's announcement about resuming dividend payments matters beyond stock-market investors. Banks that choose to share profits with shareholders usually do so only once they are confident in their capital position and loan portfolio quality — an area the regulator overseeing Poland's banking sector has prioritised for years. It is indirect but telling evidence that the banking sector, despite higher taxes and macroeconomic uncertainty, views its own condition as solid and predictable for the quarters ahead.
What about loans and mortgages?
For anyone planning to take on debt — whether a cash loan or a mortgage loan — strong bank earnings do not automatically translate into either better or worse terms. What matters most remains individual creditworthiness, the interest rate level set by the Monetary Policy Council, and each bank's risk appetite in a given market segment. Still, record profits show that banks currently have the capital comfort to actively compete for reliable customers, which historically has supported better margin negotiations and financing terms.
What you should do
The banking sector's second-quarter 2026 results are, above all, good news about sector stability — even with CIT rising from 19% to 30%, banks managed to maintain, and in some cases clearly improve, their profitability. For customers, though, that does not automatically mean either higher fees or a clearly better offer. It remains a competitive market where terms on individual products vary significantly between banks, and one institution's strong quarter does not mechanically translate into a worse deal elsewhere.
The best strategy remains comparing offers regularly rather than staying with one bank "by default" simply because that is where you opened your first account years ago. Check current terms and compare offers before making your next financial decision — it takes only a few minutes and can genuinely add up to real savings over the course of a year.