ING Bank Śląski announced its financial results for the first quarter.

Luc Williams

Net interest income amounted to PLN 2,162.6 million compared to PLN 1,860.4 million a year earlier. The result on commissions and fees amounted to PLN 576 million compared to PLN 523.7 million a year earlier.

The return on equity (ROE) was 30.8% in the first quarter compared to 19.5% a year earlier. The return on assets (ROA) was 1.9% compared to 0.8% a year earlier.

The C/I cost share ratio was 46.2% compared to 47.2% a year earlier. The interest margin increased to 3.6% from 2.7% a year earlier.

The total capital ratio was 16.95% compared to 16.37% last year,

The bank's total assets amounted to PLN 252.72 billion at the end of the first quarter of 2024 compared to PLN 227.66 billion a year earlier.

“For us, the first quarter was a period of continuation of the strategy of increasing the number of clients and transactions. However, the Polish economy was still in a period of prolonged dormancy, which translated into the level of growth of the bank's basic balance sheet values. In the first quarter, the increase in deposits reached 11% compared to the same period last year, however, in the case of loans, despite the increasing activity of new sales, we recorded a lot of overpayments and prepayments, which resulted in a relatively low increase in these volumes. As a result, in the first quarter, compared to the same period of the previous year, the increase in lending was 1%. The situation we are dealing with reflects to a large extent a form of macroeconomic disturbances. These disturbances are of a dual nature. On the one hand, they result from the fact that economic activity is not growing at the pace we would like, and on the other hand, we are experiencing quite significant state intervention. Despite these readings, we are still convinced that Polish GDP will recover and the bank will support strong economic growth,” said President Brunon Bartkiewicz, quoted in the announcement on the results.

“In recent months, we have observed a further increase in transactions in digital channels at the bank. Compared to the same period last year, we recorded an 11% increase in transfers in the Moje ING retail banking system. Of the 4.2 million customers with access to online banking (an increase of 2% y/y), over 2 million are included in the 'mobile only' group (an increase of 8% y/y). At the same time, we recorded a further increase in debit card transactions by 9% y/y and BLIK transactions by 28% y/y. We observe a further decline (by 3%) in the number of transactions carried out in bank branches. In corporate banking, the number of transfers increased by 6%, of which there was a 21% increase in mobile banking compared to the same period last year the number of transactions in payment terminals offered by the bank. The number of stores with an active payment gateway increased by 29%, to 9.3 thousand. In the past quarter, we introduced solutions supporting the security of our customers – individuals and companies. One of them was to make the identity confirmation process available to customers in a mobile application instead of in a browser. The new solution is a response to the development of the national electronic identity system,” he added

The bank recorded an increase in the value of loans by 1% to PLN 160.3 billion and an increase in deposits by 11% to PLN 211.3 billion.

In individual terms, net profit in the first quarter of 2024 amounted to PLN 993.3 million compared to PLN 908.7 million profit a year earlier.

ING Bank Śląski has been listed on the WSE since 1994. Its main shareholder is the Dutch ING group. The bank's total assets amounted to PLN 245.36 billion at the end of 2023.



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