In the first quarter of 2023, the PKO Bank Polski Capital Group earned a profit of almost PLN 1,5 billion net in effect of continued increase of income from primary activity, which allowed for full compensation of high costs of legal risk. The Group systematically expands the scale of its operation. Its assets grew by 5,1 percent y/y to the level of PLN 444 billion, while the number of clients was at 11,7 million. The Bank secured its position on the market of personal savings - its market share in the first quarter reached 28,4 percent. PKO Bank Polski also demonstrated high cost efficiency. The cost to income (C/I) ratio was 35,8 percent. The level of risk costs was at 59 base points, while the NPL after the drop by 18 base points y/y was on the level of 3,74 percent. The Bank also continued digital transformation, developing, among others, new functions of the IKO mobile app, including the PKO Płacę później (pay later) service and intensified work on the Digital Mortgage. The number of active IKO apps at the end of the 1st quarter of 2023 reached the level of 7,4million.
In the first quarter of 2023, PKO Bank Polski recorded a robust and satisfactory result, primarily on account of an increase in income from primary activity, effective cost control and adequate management of credit risk. This allowed for compensating the effects of higher legal risk related to loans in Swiss francs. The Bank is systematically improving shares in key markets are particularly exciting, namely the market of savings, sale of housing loans, along with subsequent implementations in the process of digital transformation. The results of the first quarter confirm business strength of PKO Bank Polski, allowing for continuation of systematic development and performance of our strategic goals. These results are the effect of intense work of our employees and I would like to thank them heartily for it. That is why we are entering the next months of 2023 with courage, hope and a robust profit, solidifying the position that PKO Bank Polski has been occupying in the national economy and proving the Bank’s resistance to external factors,’
stresses Dariusz Szwed, acting CEO of PKO Bank Polski
PKO Bank Polski is the undisputed leader of the Polish banking sector, with the value of its assets amounting to PLN 444 billion. In first quater of 2023, the bank generated PLN 1.5 billion in net profit. The company serves 11.7 million customers. It is the basic supplier of financial services for all customer segments, achieving the highest shares in the market of deposits, loans and in the market of private investment funds. Thanks to the development of digital tools, including the IKO application, which is actively used by 7.4 million customers, PKO Bank Polski is the most mobile bank in Poland.