In 2020, we accelerated implementation of digital solutions to provide our customers with convenient remote access to banking services and to run the bank's operations without interruption. Those solutions deploying artificial intelligence, advanced data analytics, cloud computing and remote communication tools will become a permanent source of the bank's competitive advantage after the pandemic.

PKO Annual Report Online
1 billion
Banking user logins to the mobile IKO application
1 million
AI-powered conversations with customers
1. place
European leader of digital banking in Finnoscore's ranking
12 million
Banking operations handled by
intelligent bots
12 thousand
Virtual workstations for consultants
in the cloud
Remote customers in the database of all active customers

The access to a modern cloud infrastructure is conducive to faster digital transformation. The first cloud solutions, implemented in strategic partnerships with global cloud providers and the National Cloud Operator, already support the bank’s employees and customers.

As part of creating the Service Desk of the Future, we transferred 12 thousand terminals for consultants in 1 thousand branches to a virtual environment in the cloud. The bank’s customers can use the new Online Video Consultant service, which was also created in cloud technology.

In the coming years, the use of data processing in cloud computing by the bank will increase. Within the next three years, the bank’s key business IT systems will operate in a cloud based on a hybrid infrastructure.


Artificial intelligence (AI) is increasingly used in the bank’s daily operations. As part of automation and robotization of processes, work equivalent to 1.7 thousand FTEs was performed in 2020.

Artificial intelligence is also used by voicebots supporting the work of the bank’s hotline and of the IKO voice assistant (Talk2IKO). Every third person calling the bank’s hotline is already supported by a voicebot, while the total number of calls with the banking artificial intelligence has exceeded 1 million.

AI also helps with soft debt collection, verifies the authenticity of the ID cards and supports the investment advisory service (Inwestomat).


The pandemic accelerated the transition of customers to digital channels. 3/4 of customers already use the bank’s services in this way, while the share of cash loan sales in digital channels was 67% in Q4 2020.

We provide our customers with new remote banking tools at the highest technological and functional level. Customers can open a selfie account in the mobile IKO application without leaving home and waiting for the courier.

Remote use of the bank’s services is supported by consistent development of value-added services such as the Automarket platform. Customers can buy technically-tested and guaranteed cars, and they can immediately finance the purchase using the products of the group.


The financial results of the PKO Bank Polski Group in 2020 were mainly affected by the costs of legal risk of mortgage loans in convertible currencies, and by the deterioration in the economic environment.

The bank maintains a strong capital and liquidity position, and in mitigating the effects of the pandemic in 2020 helped the bank’s good preparation for more difficult economic conditions in prior years. The bank ended 2019 with the lowest cost of risk in the banking sector in Poland and the best cost-effectiveness C/I ratio.

The bank’s good preparation for more difficult economic conditions has already been confirmed by the results of the European stress tests from 2018, which showed that PKO Bank Polski is the safest bank in the entire European Economic Area.

Zbigniew Jagiełło
CEO of PKO Bank Polski

C/I ratio at the
end of 2020
Cost of
credit risk
Total capital ratio
at the end of 2020
Growth in group's total assets y/y
PLN 35.9 bln
Capitalization at
the end of 2020

Leader of mobile transactions

IKO is the most popular banking application on the market and the best-rated app by users in Poland.

The number of active IKO application has already exceeded 5 mln (+24% y/y). Since its launch eight years ago, customers have logged into IKO 2.9 billion times – and almost 1.2 billion times in 2020 alone. Every second customers make on average 3 mobile payments on the Internet.


Leader of mobile transactions

IKO is continuously developed and enriched with new functionalities in response to customer expectations.

Artificial intelligence helps us analyse tens of thousands of IKO user reviews each month. We offer the most technologically advanced solutions on the market, including the IKO voice assistant, selfie account opening and confirming certain banking operations with biometrics.


Leader of mobile transactions

Thanks to IKO, PKO Bank Polski ranks as the leader among banks in terms of the highest number of mobile transactions.

Since the launching of the IKO app until the end of 2020, the number of financial transactions made in IKO reached 637 mln. In 2020 alone, the number of transactions was 302 mln (+68% y/y). Customers are also eager to use BLIK transactions, whose number increased almost twofold to 105 mln in 2020.

In 2020, clients logged
into IKO an average of
28.6 times
per month
(+19% y/y)
IKO's average
customer rating of
in the app stores
The number of interactions
in IKO rose by
compared to

Increase in result on business activities by
despite difficult economic conditions

PKO Bank Polski Group successfully passed the test for operating during the pandemic, generating a solid result on business activities.

The result on business activities amounted to PLN 14.6 bln and was slightly higher than in the previous year. Increases in net fee and commission income and net interest income supported the result on business activities, despite lower net other income.

Increase in the volumes of deposits and debt securities and increase in revenues from hedge accounting partially offset the negative impact of interest rate cuts on the net interest income.

Cost discipline
improved by
0.3 p.p.
compared to 2019

The effectiveness of the PKO Bank Polski Group’s operations, measured by the C/I ratio amounted to 41.0% for the year.

Strong cost discipline helped the bank limit the decline in profit due to the group’s lower operating costs in 2020 compared with 2019. The improvement of C/I ratio was influenced by an increase in the result on business activities (+0.2% y/y) and a decrease of operating costs (-0.6% y/y).

In conducting the group’s business during the pandemic helped the digital transformation, which has been transforming the group and influencing its cost effectiveness for over a decade.

Strategy assumes
cost of risk
in the range of
60-75 bps
by 2022

Despite the negative impact of the COVID-19 pandemic, the cost of credit risk remains low, reaching 0.78% by the end of 2020.

This indicates an increase in cost of risk by 0.32 p.p. compared to 2019. Had the COVID-19 impact been excluded, the cost of risk would be -0.39% (-0.08 p.p. y/y) at the end of 2020.

The share of receivables with recognized impairment was 6.9% for corporate loans, 1.5% for mortgage loans and 6.7% for consumer loans. The total share of impaired exposures at the end of 2020 was 4.4% (+0.1 p.p. y/y).

Number of current accounts rose by
245 ths
in 2020

The bank strengthened its leading market position in terms of current accounts, whose number reached 8.3 million at the end of 2020.

The bank implemented a fully remote current account opening process in the IKO application by using a „selfie” verification. As part of the open banking initiative, customers can also view their accounts in other banks.

Due to a heightened interest of investors in the stock exchange, the bank also made available remote opening of investment accounts on the iPKO website. In 2020, the number of brokerage accounts increased by 12.4% y/y.

Reduction in the number
of branches by
to 2019

Optimization of the sales network is a result of digitization of customer service and digital transformation strategy of the bank.

The bank has the largest network of branches in the country, which included 1 004 own branches and 492 agencies at the end of 2020. Digital transformation supports the transition of customers to remote channels and helps implement the objectives of the government project „From paper to digital Poland”.

The group provides financial services also outside Poland through branches in Germany and Czech Republic, and subsidiaries in Ukraine. In 2020, PKO Bank Polski created a new branch in Slovakia.

Group's employment reached
25.9 ths
FTEs by the
end of 2020

PKO Bank Polski is one of the best-rated employers in Poland, introducing a number of employee-targeted initiatives during the pandemic.

The bank’s activities focused on implementing various work models for employees, ensuring appropriate access to medical care and providing communication tools and equipment. In 2020, the bank’s expense for employee initiatives related to functioning during the pandemic amounted to PLN 75.7 mln.

The bank performed systematic pulse checks, collecting information from employees on their physical and mental wellbeing, remote work experience and areas that could require support.

Reduction of direct
CO2 emissions by
to 2019

In addition to taking charge of financial results, the bank attaches increasingly more importance to the way natural resources are used in relation to its operating activities.

In 2020, the group’s greenhouse gas emission intensity indicators significantly decreased as a result of the reduction of direct emissions by the group. Almost 11 kg of CO2 were emitted for each customer of the bank in 2019 versus less than 7.5 kg of CO2 currently.

Faster shift of customer relationships to the digital world was the cause of such decline in emissions. The fact that the bank obtained guarantees of origins of purchased electricity from low-emission sources, and completed a number of modernization projects were other contributing factors.

Health initiatives constituted
of charity budget
in 2020

We initiate and implement social projects that integrate business goals with activities targeting all stakeholder groups.

In 2020, the charity activities of the PKO Bank Polski Foundation focused on fighting the coronavirus pandemic. Priority was given to projects related to public protection from the effects of the pandemic.

Out of 561 applications for financial donation related to social activities, 143 projects received a positive opinion. The foundation allocated over 40% of the budget to educational initiatives, and as part of its continued involvement in multi-year projects.

In 2020, women constituted
of new hires
of the bank

Three quarters of employees of PKO Bank Polski are women, and the average duration of their employment is 16 years. This is 5 years longer than for men.

In 2020, the number of women employed at the bank was 16.4 thousand, of whom 0.7 thousand in senior management roles. There are positions at the bank held almost entirely by women. They include sales and customer service roles.

The group cares for diversity of its employees at each level and position in accordance with the adopted policies that include the Code of Ethics, the diversity policy, the recruitment principles, and the principles for counteracting mobbing and discrimination.



We are aware of the responsibilities of companies to comply with the Paris Agreement, which is why we continue to expand our product offer to support environmental protection.

The bank’s offer includes loans for thermal modernization for housing cooperatives and associations, and an Eco-loan for the purchase and installation of photovoltaic panels. As part of the „green mortgage” offer, customers can obtain a lower margin on their mortgage upon providing an energy performance certificate to the bank. 

Corporate customers are offered Biznesmax guarantees with BGK, which can be used to secure loans for eco-investments. In the PKO Leasing’s offer for entrepreneurs, leasing or loan for financing photovoltaic devices are available.



From the very beginning, we engaged in the fight against the pandemic, supporting numerous local and national initiatives to ensure continuity of the bank’s operations and safety of our customers and employees.

We provided PLN 23 mln for the purchase of protective equipment, tests and medical equipment to over 350 hospitals and sanitation facilities. The bank’s employees became actively involved in those actions and provided information about the need to help specific individuals and institutions.

We also supported the Chief Sanitary Inspectorate’s hotline and assisted with the digital adaptation and integration of the pandemic management systems. We actively participated in rescuing Polish companies and the jobs they create. We became a leader in the distribution of subsidies from the PFR Financial Shield for micro, small and medium-sized enterprises.



The assessment of ESG factors is becoming increasing important. Customer’s ESG risk that is not timely recognized may become credit risk, which is why we have updated our sectoral policies and the risk identification process.

In the „PKO Banking Platform” strategy for the years 2020-2022, for the first time we formally included the non-financial factors. The ESG steering committee that was established in 2020 coordinates the implementation of procedures and policies in the social and environmental areas.

We adopted policies for financing the renewable energy sector and the carbon-intensive energy sector. We also implemented ESG risk assessment as part of the corporate lending process to support financing of environmentally and socially responsible projects.


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