Business operations

PKO Bank Polski Group is one of the largest financial institutions in Poland and groups in Central and Eastern Europe. It stands out on the Polish market due to its high financial results, which ensure the group's stable and safe development. The bank is the parent entity of the capital group, which consists of 12 direct subsidiaries.
PKO Annual
Report Online

Business model and profile of the organization

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PKO Bank Polski is the largest commercial bank in Poland in terms of the value of assets and equity, loans and deposits, number of customers and size of its distribution network. It is a universal bank providing deposit and lending services to individuals, legal entities and other entities in Poland and abroad.

[102-4] The group conducts its business operations in Poland. [102-2] Apart from offering strictly banking services, it also provides specialized financial services including leasing, factoring, investment funds, pension funds and insurance, car fleet management services, transfer agent services, manages real estate, provides technological solutions, outsources IT professionals and supports operations of other entities. [102-6] The group conducts banking operations and provides financial services also outside Poland through its branches in Germany and Czech Republic, and through its subsidiaries in Ukraine. In 2020, PKO Bank Polski opened a branch in Slovakia.

Active IKO
and agencies

[102-5] The bank is a joint-stock company entered into the National Court Register under the KRS number 0000026438. Since 2004, the bank has been listed on the Warsaw Stock Exchange (WSE). Its significant shareholders holding more than 5% of the share capital are the State Treasury, and the open pension funds Aviva and Nationale Nederlanden. [102-3] The bank’s head office is located in Warsaw. [102-7] The bank offers its services through a network of 1 004 own locations (branches, offices, centres) and 492 agencies in Poland to 11 million retail customers and 16.5 thousand corporate customers. [102-8] The group provides employment to 25.8 thousand people.

[102-9] The group cooperates with business partners as a buyer of goods and services and a client for agency and outsourcing services. As part of its charitable and sponsorship activities, it cooperates with various public benefit organizations. [102-13] The bank is a member of many organizations, both industrial and regional (Polish Bank Association, NATO Industry Cyber Partnership, Institute of International Finance) and many business organizations, such as chambers of commerce and business associations (Polish Association of Listed Companies, Association of Entrepreneurs and Employers, Federation of Polish Entrepreneurs).

By the end of 2020, the branch network of PKO Bank Polski was the largest network in Poland, covering 1 004 outlets (i.e. branches, offices and centres) and 492 agencies. The bank’s customers also have at their disposal a highly developed network of ATMs (3 thousand ATMs at the end of 2020).

The group is one of the largest and best assessed employers in Poland. At the end of 2020, it employed 25.9 thousand people.

1 004
26 thousand

The group conducts its operations in retail, and corporate and investment segment. It has the largest share in the Polish banking sector savings (18.3%), loans (17.6%) and the market for investment funds of individuals (19.2%).

PKO Bank Polski is a leader in terms of the number of current accounts and payment cards.

11 million
Retail customers
16.5 th.
Corporate customers

PKO Bank Polski is the largest commercial bank in Poland in terms of the value of assets and equity, loans and deposits, the size of its distribution network, the number of customers and employees.

At the end of 2020, the bank was the second-largest company listed on the WSE and its value during the last session exceeded PLN 35.9 billion.

Group's total assets growth y/y
PLN 35.9 bln
Capitalization at the end of 2020

The group offers modern and comprehensive services through digital service channels. PKO Bank Polski is being transformed into a technology company with a banking license. Customers use iPKO and IKO as means of modern banking outside the traditional financial area. PKO Bank Polski was committed to the development of a modern approach to e-administration services based on state-of-the-art technologies. In 2018, PKO Bank Polski started on its path towards cloud computing with the help of a newly established company – National Cloud Operator. Within the next three years the bank’s IT systems are to operate in a computing cloud based on hybrid architecture. The first cloud solutions implemented using the global cloud service providers and the National Cloud Operator already support the bank’s employees and customers.

Who we are – our mission

We support development of Poland and the Poles. For 100 years we have been delivering financial solutions to our customers, therefore we understand the needs of Poles and Polish firms. We are consistently changing, investing in development, and we responsibly implement modern technologies to enable easy finance management at any place or time.

We are proud of our history and of our Polish roots. We wish to continue exerting a positive influence on Poland – its people, firms, culture and the environment. As one of the largest banks in Central and Eastern Europe, we responsibly care for the interests of the shareholders, customers, employees and local communities.

Development strategy

PKO Bank Polski identifies long-term challenges for the banking sector, which inform the operational direction of the group’s activities:
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The COVID-19 pandemic accelerated the technological development and digitization processes and affected the customer service model. The implementation of the 2020-2022 Strategy of PKO Bank Polski is focused in particular on digitization and development of remote channels. As a result, the customers find it easier to use the bank’s services from home. The bank has prepared a sales model addressed to elderly people and those who have not used e-banking before. The bank educates its customers and the advisors assist them with signing agreements through the Internet or a smartphone application. In the 51+ age group, the share of persons using remote channels only increased by 6 p.p. y/y in 2020. At present, only 13% of the customers in this age group use banking services only at branches.

Market position

In 2020, the group maintained a high share in the loan market both in terms of volumes and sales of selected products. It also maintained its position on the savings market for individuals and institutional entities, and maintained its position as leader on the market of investment funds for individuals.

Mortgage loans
market (sales)
Investment funds
for individuals

The group not only develops activities in its traditional area of operations – retail banking. It is also the leader in servicing corporate customers and companies and enterprises (in particular their financing), and on the market of financial services for communes, counties, voivodeships and the budget sector. It is also a major underwriter of issues of municipal bonds.

31.12.2020 31.12.2019 31.12.2018 31.12.2017 31.12.2016 Change
Loans for: 17.6% 17.9% 17.6% 17.7% 17.8% -0.3 p.p.
private individuals, of which: 22.4% 22.8% 22.9% 23.0% 22.8% -0.4 p.p.
housing 24.9% 25.8% 26.1% 26.1% 25.7% -0.9 p.p.
PLN 26.3% 27.6% 28.3% 28.6% 28.6% -1.3 p.p.
foreign currency 20.8% 21.0% 21.0% 21.2% 21.4% -0.2 p.p.
consumer and other, of which: 16.5% 16.3% 15.8% 15.9% 15.8% +0.2 p.p.
in current account 32.7% 32.4% 32.1% 32.0% 32.6% +0.3 p.p.
institutional entities 12.6% 13.1% 12.7% 12.8% 12.9% -0.5 p.p.
Non-Treasury debt securities (indebtedness) 30.2% 30.7% 32.4% 29.3% 29.2% -0.5 p.p.
Mortgage loans (sales) 19.7% 25.7% 28.9% 29.6% 31.9% -6.0 p.p.
Total savings1) 18.3% 18.4% 18.4% 17.3% 16.1% -0.1 p.p.
savings of individuals2) 24.3% 22.6% 22.0% 21.1% 20.7% +1.7 p.p.
Deposits: 17.3% 17.9% 18.1% 17.9% 17.3% -0.6 p.p.
private individuals 21.9% 20.8% 20.2% 20.4% 20.7% +1.1 p.p.
institutional entities 11.5% 13.8% 15.2% 14.5% 12.4% -2.3 p.p.
TFI assets – funds of individuals 19.2% 19.6% 21.6% 17.1% 14.2% -0.4 p.p.
Brokerage activities – transactions on secondary market3) 11.2% 7.5% 7.7% 14.7% 9.4% +3.7 p.p.
Source: NBP, WSE, ZBP, Analizy Online
1) Total savings comprise total deposits, TFI assets and retail savings bonds.
2) Savings of individuals comprise deposits of individuals, funds of individuals and Treasury savings bonds.
3) In 2017, taking into account the effect of intermediation in the share sales of Pekao S.A. After eliminating this effect, the share of brokerage activities in turnover on the secondary market would be 11.2%.

2020 2019 2018 2017 2016
Statement of financial position (in PLN mln)
Total assets 376,966 347,897 324,255 296,912 285,573
Total equity 39,911 41,578 39,101 36,256 32,569
Financing granted to customers 235,781 244,083 230,438 214,361 208,987
Customer deposits 282,356 256,170 238,723 217,306 200,404
Net profit/loss -2,557 4,031 3,741 3,104 2,874
Financial ratios
Net ROA -0.7% 1.2% 1.2% 1.1% 1.1%
Net ROE -6.0% 10.0% 10.0% 9.0% 9.1%
Net ROTE -6.5% 10.9% 11.0% 10.0% 10.2%
C/I (cost-to-income ratio)1) 41.0% 41.3% 44.2% 46.0% 47.4%
Interest margin 3.0% 3.4% 3.4% 3.3% 3.2%
Share of impaired exposures 4.4% 4.3% 4.9% 5.5% 5.9%
Cost of credit risk 0.78% 0.46% 0.59% 0.71% 0.75%
Total capital ratio 18.18% 19.88% 18.88% 17.37% 15.81%
Number of customers of PKO Bank Polski (in thousand): 11,006 10,933 10,653 10,330 10,080
Individuals 10,463 10,427 10,179 9,877 9,648
Companies and enterprises 526 491 459 438 418
Corporate customers 16 16 15 15 15
Operational data
Number of branches of PKO Bank Polski 1,004 1,115 1,155 1 194 1 238
Number of employees (FTEs) 25,859 27,708 27,856 28 443 29 163
Number of current accounts with the bank (in thousand) 8,257 8,012 7,697 7 362 7 034
Information on shares
Stock exchange capitalization (in PLN million) 35,900 43,075 49,338 55,388 35,175
Number of shares (in million) 1,250 1,250 1,250 1,250 1,250
Share price (in PLN) 28.72 34.46 39.47 44.31 28.14
Dividend per share (in PLN) (paid in the current year from profit for the preceding years) 0.00 1.33 0.55 0.00 0.00
1) Data for the years 2016-2018 does not take into account presentation changes made in 2020, which could have an impact on the result on business activities and operating expenses.

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