Legal basis:

Art. 17. 1 of the MAR Regulation


Report content:

The Management Board of PKO Bank Polski S.A. ("Bank") informs that in the financial statements for 2020, the Bank will include the following events that took place after the publication of the current report No. 6/2021 dated 17 February 2021 on the preliminary unaudited consolidated financial results of the Bank's group for 2020:

  1. the Bank’s intention, confirmed by the resolution of the Extraordinary General Meeting of 23 April 2021, to engage in voluntary settlements with consumers who signed mortgage loans in foreign currencies with the Bank that results in changes in the assessment methodology and quantification of legal risk, which will increase its costs by approximately PLN 5.6 billion;
  2. the prolonged period of restrictions, orders and bans due to the epidemic and its impact on the financial situation of the Bank's customers will result in an increase in the cost of credit risk by approximately PLN 0.3 billion.

The Bank initially estimates that these events and their consequences will result in the recognition of approximately PLN 2.5-2.6 billion net loss in the consolidated financial statements of the Bank's group for the year ended 31 December 2020.

The Bank's standalone and consolidated financial statements for 2020 will be published on 29 April 2021, as announced by the Bank on 2 April 2021 in the current report No. 9/2021.