Selected financial data

Selected financial data of the PKO Bank Polski SA Group in years 2010-2013

In the consolidated financial statements of the PKO Bank Polski SA Group for the year 2013 changes on recognition of income and expenses due to bancassurance have been implemented. In accordance with IAS 8.22 the change was applied retrospectively, i.e. the result for the year 2012 and the consolidated statement of financial position as at 31 December 2012 and 1 January 2012 have been restated and brought to comparability including changes applied in 2013. A detailed description of the changes has been provided in note 2.22. to the consolidated financial statements of the PKO Bank Polski SA Group for the year 2013. Financial data for the year 2011 and all previous years have not beed restated and are derived from the published consolidated financial statements for the year. This should be taken into account while performing a comparative analysis.

 20132012 restated20112010
Statement of financial position (in PLN million)    
Total assets*199,231193,151190,748169,661
Loans and advances to customers*149,623143,483141,634130,668
Amounts due to customers*151,904146,194146,474132,981
Income statement (in PLN million)    
Net profit*3,2303,7393,8073,217
Net interest income*6,7228,0897,6096,516
Net fee and commission income*3,0062,9173,1013,143
Result on business activities*10,70711,62211,14210,198
Net impairment allowance and write-downs* (2,038) (2,325) (1,930) (1,868)
Administrative expenses* (4,623) (4,683) (4,411) (4,249)
Financial indicators    
ROE net13.2%16.0%17.5%14.9%
ROA net1.6%2.0%2.1%2.0%
Interest margin3.7%4.7%4.6%4.4%
Capital adequacy ratio*13.6%12.9%12.4%12.5%
Number of PKO Bank Polski SA’s clients (in thousand)    
Retail clients**8,0247,7617,8227,711
Small and medium enterprises**362352356356
Housing market53494438
Corporate clients12121112
Operational data    
Number of PKO Bank Polski SA’s branches (in number of units)1,1861,1981,1991,208
Number of employees (in number of full-time equivalents)27,38728,55628,92429,780
Number of current accounts in PKO Bank Polski SA (in thousand of units)6,3186,2206,1466,150
Data on shares     
Capitalisation of the stock exchange (in PLN million)49,27546,12540,15054,188
Number of shares (in million of units)1,2501,2501,2501,250
Share price (in PLN)39.4236.9032.1243.35
Dividend per share (in PLN)
(paid in the particular year from the profit for the previous year)

* Data based on consolidated financial statements for the particular year, excluding data for 2012, which were presented comparable with data 2013.
** Data include Inteligo clients.

Selected financial data of the PKO Bank Polski SA Group

 20132012 restatedChange
Net profit 3,229.8 PLN million 3,738.6 PLN million(13.6%)
Result on business activities* 10,706.9 PLN million  11,621.7 PLN million(7.9%)
Net interest income6,722.0 PLN million8,089.3 PLN million(16.9%)
Net commission income3,005.8 PLN million2,916.5 PLN million3.1%
Administrative expenses (4,622.5) PLN million (4,682.5) PLN million(1.3%)
Net impairment allowance and write-downs (2,037.9) PLN million (2,325.2) PLN million(12.4%)
C/I43.2%40.3%2.9 pp.
ROE net13.2%16.0%(2.8 pp.)
ROA net1.6%2.0% (0.4 pp.)

The financial results achieved by the PKO Bank Polski SA Group in 2013 shaped up on a high level, and loan and deposit volumes were the highest among institutions in the Polish banking sector. In 2013 the low economic growth rate and historically low basic interest rates influenced financial results of banking sector in Poland.

The net financial result of banking sector was lower than the year before, and its decline was primarily driven by lower net interest income, which was the result of a decrease in market interest rates. Lower net impairment allowance and maintaining the cost control over administrative expenses positively influenced the Bank's and the sector financial results in 2013.

The net profit of the PKO Bank Polski SA Group generated in 2013 amounted to PLN 3 229.8 million, which represents a decrease of 13.6%, i.e. by PLN 508.8 million compared with the previous year net profit. The achieved level of net profit was determined by:

  • result on business activities of the PKO Bank Polski SA Group, which reached a level of PLN 10 706.9 million (-7.9% y/y), mainly due to:
    • decrease in net interest income by 16.9% y/y - mainly determined by a decrease in interest income from loans and advances to customers (-14.4% y/y), as a result of fall in interest market rates, with a decrease in expenses by 20.9% y/y, mainly in expense on amounts due to customers and
    • increase in result on net other operating income and expenses (+3.4x y/y), as a result of assets sale, mainly shares in Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o.,
  • maintaining administrative expenses on a stable level (-1.3% y/y), which along with growth rate of result on business activities of the PKO Bank Polski SA Group at the level of (-)7.9% y/y, impacted the increase of the C/I ratio by 2.9 pp. y/y to the level of 43.2%,
  • a decrease in negative result on net impairment allowance and write-downs (-12.4% y/y), mainly impairment allowances on consumer and housing loans,
  • an increase in the PKO Bank Polski SA Group’s total assets by PLN 6.1 billion y/y to (to the level of PLN 199.2 billion) resulting from growth of loan activity financed mainly by an increase in amounts due to customers,
  • secure and effective structure of the statement of financial position – a strong deposit base and a high level of equity of the PKO Bank Polski SA Group, enabled increase in loan activity, the loan to deposit ratio (amounts due to customers) of the PKO Bank Polski SA Group amounted to 98.5% at the end of 2013 (the loan to the stable sources of financing ratio1 amounted to 89.8%).

[1]Stable sources of financing include amounts due to customers and external financing in the form of issue of securities, subordinated liabilities and amounts due to financial institutions.