This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version
Consolidated financial statements
of the PKO Bank Polski S.A. Group
for the year ended 31 December 2023
SELECTED FINANCIAL DATA DERIVED FROM THE CONSOLIDATED FINANCIAL STATEMENTS
|
SELECTED FINANCIAL DATA
|
PLN million |
|
EUR million |
|
||
|
2023 |
2022 |
Change % (A-B)/B |
2023 |
2022 |
Change % (D-E)/E |
|
|
A |
B |
C |
D |
E |
F |
|
|
Net interest income |
18,318 |
11,424 |
60.3% |
4,045 |
2,437 |
65.9% |
|
Net fee and commission income |
4,626 |
4,498 |
2.8% |
1,022 |
959 |
6.7% |
|
Net expected credit losses and net impairment allowances on non-financial assets |
(1,373) |
(1,564) |
(12.2%) |
(303) |
(334) |
(9.3%) |
|
Administrative expenses |
(7,635) |
(7,769) |
(1.7%) |
(1,686) |
(1,657) |
1.8% |
|
Profit before tax |
8,562 |
4,767 |
79.6% |
1,891 |
1,017 |
85.9% |
|
Net profit (including non-controlling shareholders) |
5,505 |
3,312 |
66.2% |
1,216 |
706 |
72.2% |
|
Net profit attributable to the parent company |
5,502 |
3,312 |
66.1% |
1,215 |
706 |
72.1% |
|
Earnings per share for the period - basic (in PLN/EUR) |
4.40 |
2.65 |
66.0% |
0.97 |
0.57 |
70.2% |
|
Earnings per share for the period - diluted (in PLN/EUR) |
4.40 |
2.65 |
66.0% |
0.97 |
0.57 |
70.2% |
|
Net comprehensive income |
11,120 |
16 |
6,940.0% |
2,456 |
3 |
8,176.0% |
|
Total net cash flows |
(667) |
11,220 |
(105.9)% |
(147) |
2,393 |
(106.1%) |
|
SELECTED FINANCIAL DATA
|
PLN million |
|
EUR million |
|
||
|
31.12.2023 |
31.12.2022 |
Change % (A-B)/B |
31.12.2023 |
31.12.2022 |
Change % (D-E)/E |
|
|
A |
B |
C |
D |
E |
F |
|
|
|
|
|
|
|
|
|
|
Total assets |
501,516 |
431,447 |
16.2% |
115,344 |
91,995 |
25.4% |
|
Total equity |
45,227 |
35,707 |
26.7% |
10,402 |
7,614 |
36.6% |
|
Share capital |
1,250 |
1,250 |
- |
287 |
267 |
7.5% |
|
Number of shares (in million) |
1,250 |
1,250 |
- |
1,250 |
1,250 |
- |
|
Book value per share (in PLN/EUR) |
36.18 |
28.57 |
26.6% |
8.32 |
6.09 |
36.6% |
|
Diluted number of shares (in million) |
1,250 |
1,250 |
- |
1,250 |
1,250 |
- |
|
Diluted book value per share (in PLN/EUR) |
36.18 |
28.57 |
26.6% |
8.32 |
6.09 |
36.6% |
|
Total Capital Ratio (%) |
18.65 |
19.07 |
(2.2%) |
18.65 |
19.07 |
(2.2%) |
|
Tier 1 |
41,727 |
41,175 |
1.3% |
9,597 |
8,780 |
9.3% |
|
Tier 2 |
2,080 |
2,584 |
(19.5%) |
478 |
551 |
(13.3%) |
|
SELECTED FINANCIAL STATEMENT ITEMS HAVE BEEN TRANSLATED INTO EUR AT THE FOLLOWING RATES |
2023 |
2022 |
|
arithmetic mean of the NBP exchange rates at the end of a month (income statement, statement of comprehensive income and cash flow statement items) |
4.5284 |
4.6883 |
|
|
31.12.2023 |
31.12.2022 |
|
NBP mid exchange rates at the date indicated (statement of financial position items) |
4.3480 |
4.6899 |
TABLE OF CONTENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
General information about the Group
2. Changes in the Group companies
3. Information on members of the Supervisory Board and Management Board
4. Approval of the consolidated financial statements
5. Representation by the Management Board
8. The basis for preparation of the financial statements
SIGNIFICANT ACCOUNTING POLICIES
9. Functional currency, presentation currency and foreign currencies
10.3. acquisition of subsidiaries (business combinations)
10.4. Associates and joint ventures
11. General accounting policies for financial instruments
11.1. Accounting for transactions
11.2. offsetting financial instruments
11.3. Derecognition of financial instruments from the statement of financial position
11.4. The principles for classification of financial instruments
11.5. Financial assets measured at amortized cost
11.6. Financial assets measured at fair value through other comprehensive income
11.7. Financial assets measured at fair value through profit or loss
11.9. Reclassification of financial assets
11.10. Modifications – Changes in contractual cash flows
11.11. Measurement of purchased or originated credit-impaired financial assets (POCI)
11.12. Measurement of financial liabilities
14. IFRS 17 “Insurance contracts”
14.1. Measurement and presentation of insurance products
14.5. Impact assessment - classification and measurement
14.6. Impact of IFRS 17 on own funds and capital adequacy measures
15. New standards and interpretations and their amendments
SUPPLEMENTARY NOTES TO THE INCOME STATEMENT
17. Interest income and expense
18. Fee and commission income and expenses
20. Gains/(losses) on financial transactions
21. Foreign exchange gains/ (losses)
22. Gains/(losses) on derecognition of financial instruments
23. Other operating income and expenses
24. Net allowances for expected credit losses
25. Impairment of non-financial assets
26. Cost of the legal risk of mortgage loans in convertible currencies
28. Tax on certain financial institutions
SUPPLEMENTARY NOTES TO THE STATEMENT OF FINANCIAL POSITION – FINANCIAL INSTRUMENTS
31. Cash and balances with Central Bank
33. Hedge accounting and other derivative instruments
33.1. Hedge accounting – financial information
33.2. Other derivative instruments – financial information
35. Loans and advances to customers
38.1. Loans and advances received
38.2. Liabilities in respect of debt securities in issue
38.3. Subordinated liabilities
OTHER SUPPLEMENTARY NOTES TO THE STATEMENT OF FINANCIAL POSITION AND CONTINGENT LIABILITIES
39.2. Main elements of measurement according to IFRS 17
39.2.1. Identification and aggregation of insurance contracts
39.2.4. Best estimate of future cash flows
39.2.6. Adjustment for non-financial risk
39.2.7. Contractual service margin (CSM)
39.2.8. Insurance finance income or expenses
39.2.9. Outward reinsurance contracts
41. Property, plant and equipment
42. Investments in associates and joint ventures
46. Contingent liabilities and off-balance sheet liabilities received and granted
48. Equity and shareholding structure of the Bank
FAIR VALUE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT WITHIN THE GROUP
51. Risk management within the Group
52. specific activities in the area of risk management undertaken by the Group n 2023
54. Credit risk – financial information
54.1. Financial assets by stage
54.2. Change in the gross carrying amount
54.3. Changes in allowances for expected credit losses
55. Offsetting financial assets and financial liabilities
56. Managing credit concentration risk in the Group
58. Exposure to the counterparty credit risk
60. Information on securitization of the lease portfolio and package sale of receivables
61. Management of currency risk associated with mortgage loans for individuals
62. Interest rate risk management
63.1. Financial assets and liabilities by currency
64.2. Assets pledged as collateral for liabilities and transferred financial assets
64.3. Current and non-current assets and liabilities
65. Operational risk management
67. Management of insurance and financial risks in the group's insurance business
67.4. Insurance and financial risks in insurance business - financial information
Capital management at the Group
70. Dividends and distribution of retained earnings
71. Notes to the consolidated cash flow statement
72. Transactions with the State Treasury and related parties
73. Benefits for the PKO Bank Polski SA key management
74.4. Lessor – Operating leases
76. Information on the entity authorized to audit the financial statements
77. Impact of the geopolitical situation in Ukraine on the PKO Bank Polski S.A. Group
78. Interest rate benchmarks reform
79. Events that occurred after the date on which the financial statements are prepared
CONSOLIDATED INCOME STATEMENT
|
INCOME STATEMENT |
Note |
2023 |
2022 (restated)** |
|
Net interest income |
18,318 |
11,424 |
|
|
Interest and similar income |
|
31,217 |
19,751 |
|
of which calculated under the effective interest rate method |
|
30,668 |
19,196 |
|
Interest expense |
|
(12,899) |
(8,327) |
|
Net fee and commission income |
4,626 |
4,498 |
|
|
Fee and commission income |
|
6,301 |
6,059 |
|
Fee and commission expense |
|
(1,675) |
(1,561) |
|
Other net income |
|
1,188 |
1,287 |
|
Net income from insurance business, of which: |
711 |
779 |
|
|
Insurance revenue (net of reinsurance) |
|
1,242 |
1,174 |
|
Cost of insurance activities (net of reinsurance) |
|
(389) |
(324) |
|
Dividend income |
14 |
51 |
|
|
Gains/(losses) on financial transactions |
167 |
358 |
|
|
Foreign exchange gains/ (losses) |
99 |
(73) |
|
|
Gains/(losses) on derecognition of financial instruments |
57 |
(26) |
|
|
of which measured at amortized cost |
|
24 |
15 |
|
Net other operating income and expense |
140 |
198 |
|
|
Result on business activities |
|
24,132 |
17,209 |
|
Net allowances for expected credit losses |
(1,265) |
(1,501) |
|
|
Net impairment losses on non-financial assets |
(108) |
(63) |
|
|
Cost of legal risk of mortgage loans in convertible currencies |
(5,430) |
(1,914) |
|
|
Administrative expenses |
(7,635) |
(7,769) |
|
|
of which net regulatory charges |
|
(622) |
(1,887) |
|
Tax on certain financial institutions |
(1,231) |
(1,266) |
|
|
Share in profits and losses of associates and joint ventures |
99 |
71 |
|
|
Profit before tax |
|
8,562 |
4,767 |
|
Income tax expense |
(3,057) |
(1,455) |
|
|
|
|
|
|
|
Net profit/(loss) (including non-controlling interest) |
|
5,505 |
3,312 |
|
Profit (loss) attributable to non-controlling shareholders |
|
3 |
- |
|
Net profit attributable to equity holders of the parent company |
|
5,502 |
3,312 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
– basic earnings per share for the period (PLN) |
|
4.40 |
2.65 |
|
– diluted earnings per share for the period (PLN)* |
|
4.40 |
2.65 |
|
Weighted average number of ordinary shares during the period (in million)* |
|
1,250 |
1,250 |
** The Income statement for 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
Note |
2023 |
2022 (restated)* |
|
|
Net profit (including non-controlling shareholders) |
|
5,505 |
3,312 |
|
Other comprehensive income |
|
5,615 |
(3,296) |
|
Items which may be reclassified to profit or loss |
|
5,618 |
(3,289) |
|
Cash flow hedges (net) |
3,358 |
(1,519) |
|
|
Cash flow hedges (gross) |
|
4,146 |
(1,901) |
|
Deferred tax |
(788) |
382 |
|
|
Hedges of net investments in foreign operations |
|
- |
4 |
|
Fair value of financial assets measured at fair value through other comprehensive income (net) |
2,440 |
(1,676) |
|
|
Remeasurement of fair value, gross |
|
3,029 |
(2,112) |
|
Gains /losses transferred to the profit or loss (on disposal) |
|
(33) |
41 |
|
Deferred tax |
(556) |
395 |
|
|
Currency translation differences on foreign operations |
|
(124) |
(87) |
|
Share in other comprehensive income of associates |
|
(31) |
(18) |
|
Finance income and costs from insurance business, net |
(25) |
7 |
|
|
Finance income and costs from insurance business, gross |
|
(31) |
9 |
|
Deferred tax |
|
6 |
(2) |
|
Items which cannot be reclassified to profit or loss |
|
(3) |
(7) |
|
Actuarial gains and losses (net) |
|
(3) |
(7) |
|
Actuarial gains and losses (gross) |
(4) |
(9) |
|
|
Deferred tax |
1 |
2 |
|
|
Total net comprehensive income |
|
11,120 |
16 |
|
Total net comprehensive income, of which attributable to: |
|
11,120 |
16 |
|
equity holders of the parent |
|
11,117 |
16 |
|
non-controlling interest |
|
3 |
- |
* The Statement of comprehensive income for 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
Note |
31.12.2023 |
31.12.2022 (restated)* |
01.01.2022 (restated)* |
|
|
ASSETS |
|
501,516 |
431,447 |
418,668 |
|
Cash and balances with Central Bank |
17,813 |
15,917 |
11,587 |
|
|
Amounts due from banks |
32 |
14,438 |
16,101 |
9,010 |
|
Hedging derivatives |
33 |
1,174 |
1,042 |
933 |
|
Other derivative instruments |
8,406 |
13,162 |
10,903 |
|
|
Securities |
197,484 |
135,632 |
135,440 |
|
|
Reverse repo transactions |
|
372 |
7 |
0 |
|
Loans and advances to customers |
245,776 |
232,959 |
235,695 |
|
|
Assets in respect of insurance activities |
90 |
115 |
128 |
|
|
Property, plant and equipment under operating lease |
2,117 |
1,764 |
1,371 |
|
|
Property, plant and equipment |
3,203 |
2,917 |
3,108 |
|
|
Non-current assets held for sale |
|
19 |
10 |
18 |
|
Intangible assets |
3,918 |
3,512 |
3,443 |
|
|
Investments in associates and joint ventures |
284 |
285 |
285 |
|
|
Current income tax receivable |
|
6 |
52 |
36 |
|
Deferred tax assets |
4,000 |
5,187 |
4,116 |
|
|
Other assets |
2,416 |
2,785 |
2,595 |
|
|
LIABILITIES AND EQUITY |
|
501,516 |
431,447 |
418,668 |
|
Liabilities |
|
456,289 |
395,740 |
380,689 |
|
Amounts due to Central bank |
|
10 |
9 |
8 |
|
Amounts due to banks |
3,423 |
3,011 |
3,821 |
|
|
Hedging derivatives |
2,992 |
7,469 |
4,806 |
|
|
Other derivative instruments |
9,291 |
12,978 |
11,008 |
|
|
Amounts due to customers |
399,193 |
338,868 |
321,266 |
|
|
Liabilities in respect of insurance activities |
2,915 |
2,878 |
3,317 |
|
|
Loans and advances received |
1,489 |
2,294 |
2,461 |
|
|
Securities in issue |
17,201 |
15,510 |
23,872 |
|
|
Subordinated liabilities |
2,774 |
2,781 |
2,716 |
|
|
Other liabilities |
11,007 |
7,010 |
5,360 |
|
|
Current income tax liabilities |
|
1,117 |
765 |
18 |
|
Deferred tax liabilities |
712 |
77 |
379 |
|
|
Provisions |
4,165 |
2,090 |
1,657 |
|
|
EQUITY |
|
45,227 |
35,707 |
37,979 |
|
Share capital |
|
1,250 |
1,250 |
1,250 |
|
Reserves and accumulated other comprehensive income |
|
27,676 |
22,239 |
25,330 |
|
Retained earnings |
|
10,810 |
8,920 |
6,539 |
|
Net profit or loss for the year |
|
5,502 |
3,312 |
4,874 |
|
Capital and reserves attributable to equity holders of the parent company |
|
45,238 |
35,721 |
37,993 |
|
Non-controlling interests |
|
(11) |
(14) |
(14) |
* The statement of financial position as at 1 January 2022 and 31 December 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Share capital |
Reserves and accumulated other comprehensive income |
|
Net profit or loss for the period |
Total capital and reserves attributable to equity holders of the parent company |
Total non-controlling interests |
Total equity |
||||
|
Reserves |
Accumulated other comprehensive income |
Reserves and accumulated other comprehensive income |
Retained earnings |
||||||||
|
Supplementary capital |
General banking risk fund |
Other reserves |
|||||||||
|
As at the beginning of the period, after changes in accounting policies |
1,250 |
23,085 |
1,070 |
7,091 |
(9,007) |
22,239 |
8,920 |
3,312 |
35,721 |
(14) |
35,707 |
|
Transfer from retained earnings |
- |
- |
- |
- |
- |
- |
3,312 |
(3,312) |
- |
- |
- |
|
Transfer from retained earnings to equity |
- |
115 |
- |
1,647 |
- |
1,762 |
(1,762) |
- |
- |
- |
- |
|
Dividend, including interim dividend |
- |
- |
- |
(1,600) |
- |
(1,600) |
- |
- |
(1,600) |
- |
(1,600) |
|
Comprehensive income |
- |
- |
- |
- |
5,615 |
5,615 |
- |
5,502 |
11,117 |
3 |
11,120 |
|
Offset of accumulated losses |
- |
(340) |
- |
- |
- |
(340) |
340 |
- |
- |
- |
- |
|
As at the end of the period |
1,250 |
22,860 |
1,070 |
7,138 |
(3,392) |
27,676 |
10,810 |
5,502 |
45,238 |
(11) |
45,227 |
|
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Accumulated other comprehensive income |
|||||||
|
Share in other comprehensive income of associates and joint ventures |
Fair value of financial assets measured at fair value through other comprehensive income |
Cash flow hedges
|
Finance income and costs from insurance business |
Actuarial gains and losses |
Currency translation differences on foreign operations
|
Total |
||
|
As at the beginning of the period, after changes in accounting policies |
(35) |
(3,461) |
(5,218) |
24 |
(21) |
(296) |
(9,007) |
|
|
Comprehensive income |
(31) |
2,440 |
3,358 |
(25) |
(3) |
(124) |
5,615 |
|
|
As at the end of the period |
(66) |
(1,021) |
(1,860) |
(1) |
(24) |
(420) |
(3,392) |
|
|
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Share capital |
Reserves and accumulated other comprehensive income |
|
Net profit or loss for the period |
Total capital and reserves attributable to equity holders of the parent company |
Total non-controlling interests |
Total equity |
||||
|
Reserves |
Accumulated other comprehensive income |
Reserves and accumulated other comprehensive income |
Retained earnings |
||||||||
|
Supplementary capital |
General banking risk fund |
Other reserves |
|||||||||
|
As at the beginning of the period |
1,250 |
23,003 |
1,070 |
6,968 |
(5,728) |
25,313 |
6,270 |
4,874 |
37,707 |
(14) |
37,693 |
|
Changes in accounting policies* |
- |
- |
- |
- |
17 |
17 |
269 |
- |
286 |
- |
286 |
|
As at the beginning of the period, after policy changes |
1,250 |
23,003 |
1,070 |
6,968 |
(5,711) |
25,330 |
6,539 |
4,874 |
37,993 |
(14) |
37,979 |
|
Transfer from retained earnings |
- |
- |
- |
- |
- |
- |
4,874 |
(4,874) |
- |
- |
- |
|
Transfer from retained earnings to equity |
- |
82 |
- |
123 |
- |
205 |
(205) |
- |
- |
- |
- |
|
Dividend |
- |
- |
- |
- |
- |
- |
(2,288) |
- |
(2,288) |
- |
(2,288) |
|
Comprehensive income |
- |
- |
- |
- |
(3,296) |
(3,296) |
- |
3,312 |
16 |
- |
16 |
|
As at the end of the period |
1,250 |
23,085 |
1,070 |
7,091 |
(9,007) |
22,239 |
8,920 |
3,312 |
35,721 |
(14) |
35,707 |
*For details on the impact of the implementation of IFRS 17 on the Group's equity, see Note „IFRS 17 Insurance contracts”
|
FOR THE YEAR ENDED 31 DECEMBER 2022 |
|
Accumulated other comprehensive income |
||||||
|
Share in other comprehensive income of associates and joint ventures
|
Fair value of financial assets measured at fair value through other comprehensive income |
Cash flow hedges
|
Hedges of net investments in foreign operations |
Finance income and costs from insurance business |
Actuarial gains and losses |
Currency translation differences on foreign operations
|
Total |
|
|
As at the beginning of the period |
(1,785) |
(3,699) |
(4) |
- |
(14) |
(209) |
(5,728) |
|
|
Changes in accounting policies* |
- |
- |
- |
|
17 |
- |
- |
17 |
|
As at the beginning of the period, after policy changes |
(17) |
(1,785) |
(3,699) |
(4) |
17 |
(14) |
(209) |
(5,711) |
|
Comprehensive income |
(18) |
(1,676) |
(1,519) |
4 |
7 |
(7) |
(87) |
(3,296) |
|
As at the end of the period |
(35) |
(3,461) |
(5,218) |
- |
24 |
(21) |
(296) |
(9,007) |
*For details on the impact of the implementation of IFRS 17 on the Group's equity, see Note „IFRS 17 Insurance contracts.”
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Note |
2023 |
2022 (restated)* |
|
Cash flows from operating activities |
|
|
|
|
Profit before tax |
|
8,562 |
4,767 |
|
Income tax paid |
|
(1,793) |
(1,429) |
|
Total adjustments: |
|
40,108 |
15,205 |
|
Depreciation and amortization |
1,371 |
1,267 |
|
|
(Gains)/losses on investing activities |
(87) |
(97) |
|
|
Interest and dividends received |
(6,549) |
(3,758) |
|
|
Interest paid |
754 |
581 |
|
|
Change in: |
|
|
|
|
amounts due from banks |
(905) |
(213) |
|
|
hedging derivatives |
|
(4,609) |
2,554 |
|
other derivative instruments |
|
1,069 |
(289) |
|
securities |
(6,360) |
(4,288) |
|
|
loans and advances to customers |
(13,282) |
1,686 |
|
|
reverse repo transactions |
|
(365) |
(7) |
|
assets in respect of insurance activities |
|
24 |
13 |
|
property, plant and equipment under operating lease |
|
(353) |
(640) |
|
non-current assets held for sale |
(8) |
8 |
|
|
other assets |
360 |
(216) |
|
|
accumulated allowances for expected credit losses |
381 |
1,191 |
|
|
accumulated allowances on non-financial assets and other provisions |
2,222 |
270 |
|
|
amounts due to the Central Bank |
|
1 |
1 |
|
amounts due to banks |
|
412 |
(810) |
|
amounts due to customers |
|
60,325 |
17,602 |
|
liabilities in respect of insurance activities |
|
37 |
(439) |
|
loan and advances received |
335 |
(35) |
|
|
liabilities in respect of debt securities in issue |
(500) |
742 |
|
|
subordinated liabilities |
(7) |
65 |
|
|
other liabilities |
2,662 |
1,905 |
|
|
Other adjustments |
3,180 |
(1,888) |
|
|
Net cash from/used in operating activities |
|
46,877 |
18,543 |
* The Statement of cash flows for 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
|
|
Note |
2023 |
2022 (restated)* |
|
Cash flows from investing activities |
|
|
|
|
Inflows from investing activities |
|
788,046 |
102,154 |
|
Redemption of securities measured at fair value through other comprehensive income |
|
774,906 |
89,661 |
|
Redemption of securities measured at amortized cost |
|
6,371 |
7,765 |
|
Interest received on securities measured at fair value through other comprehensive income |
|
4,396 |
1,987 |
|
Interest received on securities measured at amortized cost |
|
2,139 |
1,720 |
|
Proceeds from disposal of intangible assets, property, plant and equipment and assets held for sale |
|
142 |
255 |
|
Other inflows from investing activities including dividends |
92 |
766 |
|
|
Outflows on investing activities |
|
(835,624) |
(97,116) |
|
Increase in equity of joint ventures |
|
- |
- |
|
Purchase of securities measured at fair value through other comprehensive income |
|
(810,745) |
(92,919) |
|
Purchase of securities measured at amortized cost |
|
(23,111) |
(2,452) |
|
Purchase of intangible assets and property, plant and equipment |
|
(1,768) |
(1,038) |
|
Other outflows on investing activities |
- |
(707) |
|
|
Net cash from/used in investing activities |
|
(47,578) |
5,038 |
* The Statement of cash flows for 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
|
|
Note |
2023 |
2022 (restated)* |
|
Cash flows from financing activities |
|
|
|
|
Payment of dividends |
|
- |
(2,288) |
|
Proceeds from debt securities in issue |
13,105 |
8,421 |
|
|
Redemption of debt securities |
(10,914) |
(17,525) |
|
|
Taking up loans and advances |
12 |
620 |
|
|
Repayment of loans and advances |
(1,152) |
(753) |
|
|
Payment of lease liabilities |
(266) |
(255) |
|
|
Repayment of interest on long-term liabilities |
(751) |
(581) |
|
|
Net cash from financing activities |
|
34 |
(12,361) |
|
Total net cash flows |
|
(667) |
11,220 |
|
of which foreign exchange differences on cash and cash equivalents |
|
(872) |
100 |
|
Cash and cash equivalents at the beginning of the period |
|
31,995 |
20,775 |
|
Cash and cash equivalents at the end of the period |
31,328 |
31,995 |
* The Statement of cash flows for 2022 was restated due to the implementation of IFRS 17 “Insurance Contracts” (see note “IFRS 17 Insurance Contracts")
General information about the Group
1. Activities of the Group
Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A. or the Bank) was established by virtue of a decree signed on 7 February 1919 by the Head of State Józef Piłsudski, Prime Minister Ignacy Paderewski and Hubert Linde, post and telegraph minister and simultaneously the first president, as Pocztowa Kasa Oszczędnościowa. In 1950, the Bank began operating as Powszechna Kasa Oszczędności Bank Państwowy (state-owned bank). Pursuant to the Decree of the Council of Ministers dated 18 January 2000, Powszechna Kasa Oszczędności (a state-owned bank) was transformed into a state owned joint-stock company, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna.
On 12 April 2000, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna was registered and entered into the Commercial Register maintained by the District Court for the City of Warsaw, Commercial Court, 16th Registration Department. At present, the court with jurisdiction over the Bank’s affairs is the District Court in Warsaw, 13th Commercial Division of the National Court Register. The Bank was registered under the number KRS 0000026438 and was assigned the statistical number REGON 016298263.
|
Country of registration |
Poland |
|
Registered office |
Warsaw |
|
Address of the registered office of the entity |
Puławska street 15, 02-515 Warsaw |
According to the Bulletin of the Warsaw Stock Exchange (Ceduła Giełdowa), the Bank is classified under the macro-sector ‘‘Finance’’, in the ‘‘Banks’’ sector.
The Powszechna Kasa Oszczędnościowa Bank Polski Spółka Akcyjna Group (“the PKO Bank Polski S.A. Group”, “the Bank’s Group”, “the Group”) conducts its operations within the territory of the Republic of Poland and through subsidiaries in Ukraine, Sweden and Ireland; it also has branches in the Federal Republic of Germany (“the German Branch”), the Czech Republic (“the Czech Branch”) and in the Slovak Republic (“the Slovak Branch”).
PKO Bank Polski S.A., as the parent company, is a universal deposit and credit bank which services both Polish and foreign individuals, legal and other entities. The Bank may hold and trade in cash in foreign currencies, as well as conduct foreign exchange and foreign currency transactions, open and maintain bank accounts in banks abroad, and deposit foreign currency in those accounts.
Through its subsidiaries, the Group offers mortgage loans, provides specialized financial services related to leases, factoring, debt collection, investment funds, pension funds and insurance, as well as provides services related to car fleet management, transfer agent, technological solutions, IT outsourcing and business support, real estate management and also conducts banking operations and provides debt collection and financing services in Ukraine.
In 2023 and 2022, the Bank did not change the name of the reporting unit or other identification data.
The PKO Bank Polski S.A. Group consists of the following subsidiaries:
|
No. |
ENTITY NAME |
REGISTERED OFFICE |
ACTIVITY |
OWNERSHIP INTEREST (%) |
|
|
DIRECT SUBSIDIARIES |
31.12.2023 |
31.12.2022 |
|||
|
1 |
PKO Bank Hipoteczny S.A. |
Warsaw |
banking activities |
100 |
100 |
|
2 |
PKO Towarzystwo Funduszy Inwestycyjnych S.A. |
Warsaw |
investment fund management |
100 |
100 |
|
3 |
PKO Leasing S.A. |
Łódź |
leases and loans |
100 |
100 |
|
4 |
PKO BP BANKOWY PTE S.A. |
Warsaw |
pension fund management |
100 |
100 |
|
5 |
PKO BP Finat sp. z o.o. |
Warsaw |
services, including transfer agent services and outsourcing of IT specialists |
100 |
100 |
|
6 |
PKO Życie Towarzystwo Ubezpieczeń S.A. |
Warsaw |
life insurance |
100 |
100 |
|
7 |
PKO Towarzystwo Ubezpieczeń S.A. |
Warsaw |
other personal insurance and property insurance |
100 |
100 |
|
8 |
PKO Finance AB |
Sollentuna, Sweden |
financial services |
100 |
100 |
|
9 |
KREDOBANK S.A. |
Lviv, Ukraine |
banking activities |
100 |
100 |
|
10 |
Merkury - fiz an1 |
Warsaw |
investing funds collected from fund participants |
100 |
100 |
|
11 |
NEPTUN - fizan1 |
Warsaw |
100 |
100 |
|
|
12 |
PKO VC - fizan1 |
Warsaw |
100 |
100 |
|
1 PKO Bank Polski S.A. holds investment certificates of the Fund; the percentage of the Fund’s investment certificates held is presented in the item “Share in capital”.
|
No. |
ENTITY NAME |
REGISTERED OFFICE |
ACTIVITY |
OWNERSHIP INTEREST (%)* |
|
|
INDIRECT SUBSIDIARIES |
31.12.2023 |
31.12.2022 |
|||
|
|
PKO Leasing S.A. GROUP |
|
|
|
|
|
1 |
PKO Agencja Ubezpieczeniowa sp. z o.o. |
Warsaw |
intermediation in concluding insurance agreements |
100 |
100 |
|
|
1.1 PKO Leasing Finanse sp. z o.o. |
Warsaw |
sale of post-lease assets |
100 |
100 |
|
2 |
PKO Leasing Sverige AB |
Stockholm, Sweden |
leasing |
100 |
100 |
|
3 |
Prime Car Management S.A. |
Gdańsk |
leasing, fleet management |
100 |
100 |
|
|
3.1 Futura Leasing S.A. |
Gdańsk |
sale of post-lease assets |
100 |
100 |
|
|
|||||