Bank Pekao with record profit for 2023

Luc Williams

As the bank stated in a press release, bank net profit in the fourth quarter of 2023 alone, it amounted to PLN 1.723 billion, which is 95 percent more than in the same period of 2022.

Consolidated net profit of Bank Pekao in 2023 amounted to PLN 6.578 billion compared to PLN 1.717 billion of net profit a year earlier,” Pekao reported.

Revenues and costs

As indicated in the report of activities of the Bank Pekao capital group for 2023, this result is higher by PLN 4,861 million than the result achieved in 2022, mainly due to, among others, higher operating incomeespecially higher ones interest income and result from commercial activities and lower costs related to the modification of PLN mortgage loan agreementsgranted to consumers due to their suspension of loan repayments (credit holidays).

“Our consistency in action has brought measurable results and the goals of our strategy for 2021-2024 are within reach. We are ending 2023 with the best financial result in the bank’s history, and stock exchange valuation of Pekaotaking into account dividends paid is the highest since the beginning of the bank’s presence on WSE“- he said, quoted in the press release, president of Bank Pekao, Leszek Skiba.

According to information from Pekao, income from the Group’s operating activities in 2023 they amounted to PLN 14,733 million and were 38.2% higher. on revenues achieved in 2022, mainly thanks to interest income and trading income.

Result due to interest achieved in 2023 amounted to PLN 11,923 million and was higher by PLN 3,680 million, or 44.6%. compared to the result achieved in 2022.

“The net interest income in 2022 included costs related to the modification of PLN mortgage loan agreements granted to consumers due to the suspension of their loan repayments in the amount of PLN 1,958 million,” the report said. Added that the result for commissions and fees achieved in 2023 amounted to PLN 2,786 million and was higher by PLN 76 million, or 2.8%. compared to the result achieved in 2022.

Operating costs in 2023 they amounted to PLN 4,631 million and were higher by PLN 644 million, or 16.2%. compared to 2022

Result from allowances for expected credit losses in 2023 amounted to PLN 559 million and was lower by PLN 1,457 million, i.e. 72.3%. than in 2022, mainly due to lower provisions for legal risk regarding foreign currency mortgage loans in CHF and lower risk costs” – submitted.

The bank reported that contributions to the Bank Guarantee Fund in 2023 they amounted to PLN 190 million and were lower by PLN 77 million, or 28.8%. than in 2022

Cost/income ratio for 2023 it was at 32.7%. compared to the assumed target at the end of 2024 of 42%.

Credits and loans

According to the bank, new sale of mortgage loans in 2023 it exceeded PLN 10 billion and was three times higher than the year before. Number new current accounts opened by individual clients amounted to 583 thousand New sale of cash loans increased year on year by 16%. – of them, 83 percent granted via digital banking.

Number of active customers Pekao mobile banking at the end of December it amounted to 3.1 million people compared to 2.8 million a year earlier, approaching the strategic goal for 2024 – 3.2 million active mobile customers.

Bank Pekao SA was founded in 1929, it is the second largest universal bank in Poland with PLN 306 billion of assets. With the second largest branch network, it serves 6.7 million customers. Since 1998, Bank Pekao has been listed on Warsaw Stock Exchange.

The bank’s largest shareholder with 20 percent. there is action PZUand the second one Polish Development Fund with 12.80 percent (PAP)

author: Aneta Oksiuta


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