PKO Bank Polski has reported its results for 2023

2024.03.07

PKO Bank Polski Group's net profit in 2023 exceeded PLN 5,5 billion.
The Bank recorded almost 19 proc. increase in its comparable income from core business, achieved by increases in both interest income and net fee and commission income.
PKO Bank Polski Group expanded its scale of operations in a dynamic external environment. Its assets grew to PLN 502 billion, and the number of customers reached 11,9 million. Funding provided to customers increased by 8,5 proc. to PLN 269 billion, and savings went up by 19,6 proc., reaching PLN 542 billion.
The Bank showed strong cost efficiency. The reported cost/income (C/I) ratio was 31,6 proc.

Profit of the PKO Bank Polski Group in 2023 amounted to PLN 5 502 million. The Bank increased its income from core business by 18,6 proc. The group's assets reached PLN 502 billion in 2023, the number of customers exceeded 11,9 million and fees and commissions income from cards increased by 19,7 proc. y/y. The Bank also demonstrated high cost-efficiency. The cost/income (C/I) ratio was 31,6 proc. The risk cost ratio reached 50 bps and NPLs, after a decline of 35 bps y/y, stood at 3,44 proc.

PLN 5,5 bln net profit

The net profit of PKO Bank Polski in 2023 amounted to PLN 5,5 billion. Net profit at this level was driven by growth in the result from business activities, which amounted to PLN 24,2 billion, strongly supported by income from core activities – which increased by 18,6 proc. in comparable conditions. The reported return on equity (ROE) stood at 13,3, proc. in 2023.

Half a trillion of total assets

The Bank's results were also supported by growth in business scale. Group assets exceeded the value of half a trillion zlotys, and the number of customers 11,9 million. Customer savings increased by more than 19 proc y/y to PLN 542 billion and financing provided to customers reached PLN 269 billion. New sales of housing and consumer loans increased by more than 174 proc. y/y, and financing provided to corporate customers grew by 12,1 proc. y/y. People's deposits also grew dynamically, exceeding PLN 275 billion – an increase of 17,5 proc. y/y.

The cost of risk at historically low levels and the ability to pay dividends

The NPL ratio, which determines the quality of the loan portfolio, reached a historically low level of 3,44 proc. at the end of 2023. The cost of risk was 0,50 proc. The Bank also maintained a secure capital and liquidity position. Total capital ratio of the PKO Bank Polski Group amounted to 18,65 proc., and the Tier 1 ratio reached 17,77 proc. The achieved results enabled the Bank to meet the requirements for dividend payment, which would be set at 75 proc. of the net profit for 2023. The maximum amount of payment should not exceed the annual profit less the profit generated in 2023, which is already included in the Bank's own funds. This requirement was indicated by the Polish Financial Supervision Authority in its position from February of this year.

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PKO Bank Polski is the undisputed leader of the Polish banking sector, and the value of its assets is PLN 502 billion. The net profit of the PKO Bank Polski Group in 2023 exceeded PLN 5.5 billion. The company serves 11.9 million customers. It is the basic provider of financial services for all customer segments, achieving the highest shares in the deposits, loans and individual investment funds market. Thanks to the development of digital tools, including the IKO application, which has been activated by customers nearly 7.8 million times, PKO Bank Polski is the most mobile bank in Poland.

Michał Zwoliński

Press Center

prasa@pkobp.pl