Legal risks of housing loans in foreign currencies and the economic effects of the COVID-19 pandemic affected the results of the PKO Bank Polski Group which in 2020 recorded a result of PLN -2.6 billion. In spite of difficult economic situation, the result on business activities was PLN 14.6 billion and was slightly higher than a year before. There was also a clear growth in the Company’s scale of operation. Total assets approximated PLN 377 billion and were 8.4% higher than a year before.
The Capital Group of PKO Bank Polski passed the test of operation in the pandemic conditions. It increased the scale of operation and worked out a solid profit on business activity. As a result of approval of plans of offering settlements to FX borrowers, last year ended with a net loss of the Group. The Company was prepared for it and its financial standing is very good. Settlements will allow for eliminating legal risks of foreign currency housing loans, which in turn will let the Bank to focus on faster development of business activities in the next years. This solution is also beneficial for the Bank’s clients,
said Zbigniew Jagiełło, President of the Management Board of PKO Bank Polski.
PKO Bank Polski is the indisputable leader at the Polish banking sector; the value of its assets amounts to PLN 377 billion. It is the supplier of financial services for all segments of clients, with the highest share in the market of savings (18.3%), loans (17.6%), market of mortgage loans (19.7%) and the market of investment funds of natural persons (19.2%). The Bank is the largest issuer of debit and credit cards in Poland. Thanks to the development of digital tools, including IKO, which has been activated almost 5 million of times by the end of 2020, PKO Bank Polski has become the most mobile bank in Poland. The Capital Group companies reinforce the Bank’s strong position. PKO Bank Polski Brokerage House is the leader with respect to the number and the value of IPO and SPO transactions on the capital market.