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Pekao

Pekao's net profit rose 416% yoy to PLN 1,716 mil in 3Q2023

By Helgi Library - November 8, 2023

Pekao made a net profit of PLN 1,716 mil in the third quarter of 2023, up 416% when compared to the same period of last year. ...

Pekao's net profit rose 416% yoy to PLN 1,716 mil in 3Q2023

By Helgi Library - November 8, 2023

Pekao made a net profit of PLN 1,716 mil under revenues of PLN 3,777 mil in the third quarter of 2023, up 416% and 267% r...

Pekao's total revenues rose 24.5% yoy to PLN 3,843 mil in 2Q2023

By Helgi Library - August 10, 2023

Pekao generated total banking revenues of PLN 3,843 mil in 2023-06-30, up 8.07% compared to the previous year. Polish bank...

Annual Quarterly LTM
Profit Statement 2020 2021 2022
Net Interest Income PLN mil 5,228 5,661 8,244
Net Fee Income PLN mil 2,434 2,688 2,807
Other Income PLN mil 770 174 -290
Total Revenues PLN mil 8,432 8,522 10,761
Staff Cost PLN mil 2,040 2,156 2,300
Operating Profit PLN mil 3,426 3,775 4,893
Provisions PLN mil 1,152 778 2,016
Net Profit PLN mil 1,165 2,177 1,719
Balance Sheet 2020 2021 2022
Interbank Loans PLN mil 2,578 3,328 4,679
Customer Loans PLN mil 142,488 159,229 158,721
Investments PLN mil 71,809 67,321 80,317
Total Assets PLN mil 233,217 250,567 281,139
Shareholders' Equity PLN mil 25,495 23,851 22,763
Interbank Borrowing PLN mil 10,846 8,575 8,594
Customer Deposits PLN mil 177,745 195,162 210,747
Issued Debt Securities PLN mil 9,311 8,117 13,127
Ratios 2020 2021 2022
ROE % 4.76 8.82 7.38
ROA % 0.534 0.900 0.647
Costs (As % Of Assets) % 2.29 1.96 2.21
Costs (As % Of Income) % 59.4 55.7 54.5
Capital Adequacy Ratio % 18.7 16.9 17.4
Net Interest Margin % 2.40 2.34 3.10
Loans (As % Of Deposits) % 80.2 81.6 75.3
NPLs (As % Of Loans) % 5.34 4.88 6.03
Provisions (As % Of NPLs) % 90.5 98.6 102
Valuation 2020 2021 2022
Market Capitalisation USD mil 4,292 7,887 4,842
Number Of Shares mil 262 262 262
Share Price PLN 61.1 122 86.5
Price/Earnings (P/E) 13.8 14.7 13.2
Price/Book Value (P/BV) 0.629 1.34 0.997
Dividend Yield % 0 0 4.97
Earnings Per Share (EPS) PLN 4.44 8.29 6.55
Book Value Per Share PLN 97.1 90.9 86.7
Dividend Per Share PLN 0 0 4.30

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summary Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                      
Net Interest Income PLN mil                                         4,399 4,613 5,014 5,490 5,228    
Total Revenues PLN mil                                         7,604 7,624 8,114 8,737 8,432    
Operating Profit PLN mil                                         3,574 3,496 3,813 3,977 3,426    
Net Profit PLN mil                                         2,284 2,131 2,217 2,169 1,165    
balance sheet                                                      
Interbank Loans PLN mil                                         3,258 2,627 2,268 1,792 2,578    
Customer Loans PLN mil                                         122,664 132,301 129,297 140,913 142,488    
Investments PLN mil                                         35,878 38,658 39,361 47,175 71,809    
Total Assets PLN mil                                         174,215 185,466 191,090 203,323 233,217    
                                                         
Shareholders' Equity PLN mil                                         22,912 23,268 22,808 23,398 25,495    
Interbank Borrowing PLN mil                                         6,939 6,245 6,071 7,108 10,846    
Customer Deposits PLN mil                                         136,380 145,398 149,143 157,203 177,745    
Issued Debt Securities PLN mil                                         1,523 4,029 7,243 9,480 9,311    
ratios                                                      
ROE % ...                                       9.86 9.23 9.62 9.39 4.76    
ROA % ...                                       1.33 1.18 1.18 1.10 0.534    
Costs (As % Of Assets) % ...                                       2.35 2.30 2.28 2.41 2.29    
Costs (As % Of Income) %                                         53.0 54.1 53.0 54.5 59.4    
Capital Adequacy Ratio %                                         17.6 17.1 17.4 17.1 18.7    
Net Interest Margin % ...                                       2.56 2.57 2.66 2.78 2.40    
Interest Income (As % Of Revenues) %                                         57.8 60.5 61.8 62.8 62.0    
Fee Income (As % Of Revenues) %                                         31.4 30.9 30.3 29.0 28.9    
Staff Cost (As % Of Total Cost) % ...                                       47.1 47.2 47.3 43.6 40.8    
Equity (As % Of Assets) %                                         13.2 12.5 11.9 11.5 10.9    
Loans (As % Of Deposits) %                                         89.9 91.0 86.7 89.6 80.2    
Loans (As % Assets) %                                         70.4 71.3 67.7 69.3 61.1    
NPLs (As % Of Loans) %                                         5.97 5.39 5.32 5.14 5.34    
Provisions (As % Of NPLs) %                                         74.5 74.4 86.3 85.4 90.5    
valuation                                                      
Market Capitalisation USD mil ... ...                                     7,905 9,787 7,638 6,955 4,292    
Number Of Shares mil ... ... ... ... ...                               262 262 262 262 262    
Share Price PLN ... ...                                     126 130 109 100 61.1    
Earnings Per Share (EPS) PLN ... ... ... ... ...                               8.70 8.12 8.44 8.27 4.44    
Book Value Per Share PLN ... ... ... ... ...                               87.3 88.6 86.9 89.1 97.1    
Dividend Per Share PLN                                         8.68 7.90 6.60 7.00 0    
Price/Earnings (P/E) ... ... ... ... ...                               14.5 16.0 12.9 12.2 13.8    
Price/Book Value (P/BV) ... ... ... ... ...                               1.44 1.46 1.25 1.13 0.629    
Dividend Yield % ... ...                                     6.90 6.10 6.06 6.97 0    
Earnings Per Share Growth % ... ... ... ... ... ...                             -6.61 -6.68 3.99 -2.07 -46.3    
Book Value Per Share Growth % ...                                       -2.19 1.55 -1.98 2.59 8.96    
income statement Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                      
Interest Income PLN mil                                         5,465 5,660 6,143 6,715 5,876    
Interest Cost PLN mil                                         1,066 1,047 1,128 1,225 647    
Net Interest Income PLN mil                                         4,399 4,613 5,014 5,490 5,228    
Net Fee Income PLN mil                                         2,390 2,353 2,463 2,534 2,434    
Fee Income PLN mil                                         2,683 2,664 2,844 2,912 2,905    
Fee Expense PLN mil                                         293 311 382 379 472    
Other Income PLN mil                                         815 658 638 713 770    
Total Revenues PLN mil                                         7,604 7,624 8,114 8,737 8,432    
Staff Cost PLN mil ...                                       1,897 1,950 2,037 2,078 2,040    
Depreciation PLN mil ... ... ...                                   169 177 178 299 308    
Other Cost PLN mil ... ... ...                                   1,964 2,001 2,087 2,384 2,657    
Operating Cost PLN mil                                         4,030 4,128 4,302 4,760 5,005    
Operating Profit PLN mil                                         3,574 3,496 3,813 3,977 3,426    
Provisions PLN mil                                         417 497 471 590 1,152    
Extra and Other Cost PLN mil                                         255 271 382 379 472    
Pre-Tax Profit PLN mil                                         2,902 2,728 2,960 3,008 1,803    
Tax PLN mil                                         618 597 743 837 637    
Minorities PLN mil                                         0.489 0.579 0.650 1.57 1.19    
Net Profit PLN mil                                         2,284 2,131 2,217 2,169 1,165    
Net Profit Avail. to Common PLN mil                                         2,284 2,131 2,217 2,169 1,165    
Dividends PLN mil                                         2,278 2,074 1,732 0 0    
growth rates                                                      
Net Interest Income Growth % ...                                       5.23 4.88 8.69 9.50 -4.77    
Net Fee Income Growth % ...                                       19.2 -1.55 4.66 2.89 -3.95    
Total Revenue Growth % ...                                       2.86 0.263 6.43 7.68 -3.50    
Operating Cost Growth % ...                                       14.2 2.43 4.20 10.7 5.14    
Operating Profit Growth % ...                                       -7.52 -2.19 9.07 4.31 -13.8    
Pre-Tax Profit Growth % ...                                       -3.85 -6.02 8.53 1.60 -40.1    
Net Profit Growth % ...                                       -6.56 -6.72 4.04 -2.14 -46.3    
market share                                                      
Market Share in Revenues %                                         12.9 12.3 12.6 12.4 13.7   ...
Market Share in Net Profit %                                         16.4 15.6 17.0 15.8 -344    
Market Share in Employees %                                         10.5 10.5 10.3 9.99 8.64    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ...               7.44 9.91 ... ... ... ... ...
Market Share in Branches % ... ... ...                                   6.80 6.14 6.52 6.56 6.84 ... ...
balance sheet Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
balance sheet                                                      
Cash & Cash Equivalents PLN mil                                         5,873 5,236 13,027 5,163 4,456    
Interbank Loans PLN mil                                         3,258 2,627 2,268 1,792 2,578    
Customer Loans PLN mil                                         122,664 132,301 129,297 140,913 142,488    
Retail Loans PLN mil                                         58,380 64,378 71,459 77,159 79,602    
Mortgage Loans PLN mil ... ... ... ...                                 46,026 50,446 56,263 57,582 61,104    
Consumer Loans PLN mil ... ... ... ...                                 12,354 13,932 15,196 19,577 18,498    
Corporate Loans PLN mil                                         55,257 58,841 54,754 65,301 65,830    
Investments PLN mil                                         35,878 38,658 39,361 47,175 71,809    
Property and Equipment PLN mil                                         1,423 1,425 1,420 1,920 1,919    
Intangible Assets PLN mil                                         596 1,526 1,527 1,618 2,008    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...               55.5 748 748 748 748 ... ...
Total Assets PLN mil                                         174,215 185,466 191,090 203,323 233,217    
                                                         
Shareholders' Equity PLN mil                                         22,912 23,268 22,808 23,398 25,495    
Of Which Minority Interest PLN mil                                         14.9 0 11.5 11.7 11.3    
Liabilities PLN mil                                         151,303 162,198 168,282 179,925 207,722    
Interbank Borrowing PLN mil                                         6,939 6,245 6,071 7,108 10,846    
Customer Deposits PLN mil                                         136,380 145,398 149,143 157,203 177,745    
Retail Deposits PLN mil ... ... ...                                   70,725 76,107 85,298 92,251 106,578    
Corporate Deposits PLN mil ... ... ...                                   60,807 61,920 60,492 64,952 71,167    
Sight Deposits PLN mil                                         79,091 90,646 98,954 109,739 156,959    
Term Deposits PLN mil                                         57,056 54,521 49,972 47,224 20,486    
Issued Debt Securities PLN mil                                         1,523 4,029 7,243 9,480 9,311    
Subordinated Debt PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,257 2,012 2,764 2,758    
Other Liabilities PLN mil                                         6,461 6,526 5,824 6,134 9,820    
asset quality                                                      
Non-Performing Loans PLN mil                                         7,661 7,436 7,207 7,579 7,995    
Gross Loans PLN mil                                         128,373 137,833 135,517 147,383 149,725    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ...                       113,109 119,780 125,179 135,530 139,752    
Total Provisions PLN mil                                         5,710 5,532 6,220 6,470 7,237    
growth rates                                                      
Customer Loan Growth % ...                                       4.57 7.86 -2.27 8.98 1.12    
Retail Loan Growth % ...                                       7.80 10.3 11.0 7.98 3.17    
Mortgage Loan Growth % ... ... ... ... ...                               8.02 9.60 11.5 2.34 6.12    
Consumer Loan Growth % ... ... ... ... ...                               6.99 12.8 9.07 28.8 -5.51    
Corporate Loan Growth % ...                                       -5.61 6.49 -6.95 19.3 0.811    
Total Asset Growth % ...                                       3.22 6.46 3.03 6.40 14.7    
Shareholders' Equity Growth % ...                                       -2.19 1.55 -1.98 2.59 8.96    
Customer Deposit Growth % ...                                       9.63 6.61 2.58 5.40 13.1    
Retail Deposit Growth % ... ... ... ...                                 10.7 7.61 12.1 8.15 15.5    
Corporate Deposit Growth % ... ... ... ...                                 -10.5 1.83 -2.31 7.37 9.57    
market share                                                      
Market Share in Customer Loans %                                         10.5 10.9 9.69 10.1 10.2    
Market Share in Corporate Loans %                                         16.0 16.1 14.7 17.0 17.9    
Market Share in Retail Loans %                                         8.89 9.64 10.2 10.4 10.5    
Market Share in Consumer Loans % ... ... ... ...                                 4.74 5.02 4.74 5.79 5.52    
Market Share in Mortgage Loans % ... ... ... ...                                 11.6 12.9 14.7 14.3 14.4    
Market Share in Total Assets %                                         10.4 10.7 10.1 10.2 9.97    
Market Share in Customer Deposits %                                         11.3 11.5 10.9 10.6 10.6    
Market Share in Retail Deposits % ... ... ...                                   10.6 11.0 11.2 11.1 11.9    
Market Share in Corporate Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             17.3 16.8 15.5 15.1 13.5    
ratios Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
ROE % ...                                       9.86 9.23 9.62 9.39 4.76    
ROTE % ...                                       10.1 9.67 10.3 10.1 5.15    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ...                     13.4 12.2 12.1 11.1 5.64    
ROA % ...                                       1.33 1.18 1.18 1.10 0.534    
Return on Loans %                                         1.90 1.67 1.69 1.61 0.822    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ...                     3.14 3.00 3.11 3.05 2.49    
Costs (As % Of Assets) % ...                                       2.35 2.30 2.28 2.41 2.29    
Costs (As % Of Income) %                                         53.0 54.1 53.0 54.5 59.4    
Costs (As % Of Loans) % ...                                       3.36 3.24 3.29 3.52 3.53    
Costs (As % Of Loans & Deposits) % ...                                       1.61 1.54 1.55 1.65 1.62    
Capital Adequacy Ratio %                                         17.6 17.1 17.4 17.1 18.7    
Tier 1 Ratio % ... ... ... ... ... ... ...                           17.6 16.1 15.8 15.0 16.7    
Net Interest Margin % ...                                       2.56 2.57 2.66 2.78 2.40    
Interest Spread % ...                                       2.47 2.48 2.58 2.70 2.36    
Asset Yield % ...                                       3.19 3.15 3.26 3.41 2.69    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ...                     6.68 6.55 6.63 6.70 6.13    
Cost Of Liabilities % ...                                       0.719 0.668 0.683 0.704 0.334    
Payout Ratio %                                         99.7 97.3 78.2 0 0    
Interest Income (As % Of Revenues) %                                         57.8 60.5 61.8 62.8 62.0    
Fee Income (As % Of Revenues) %                                         31.4 30.9 30.3 29.0 28.9    
Other Income (As % Of Revenues) %                                         10.7 8.63 7.86 8.16 9.13    
Staff Cost (As % Of Total Cost) % ...                                       47.1 47.2 47.3 43.6 40.8    
Equity (As % Of Assets) %                                         13.2 12.5 11.9 11.5 10.9    
Equity (As % Of Loans) %                                         18.7 17.6 17.6 16.6 17.9    
Loans (As % Of Deposits) %                                         89.9 91.0 86.7 89.6 80.2    
Loans (As % Assets) %                                         70.4 71.3 67.7 69.3 61.1    
NPLs (As % Of Loans) %                                         5.97 5.39 5.32 5.14 5.34    
Provisions (As % Of NPLs) %                                         74.5 74.4 86.3 85.4 90.5    
Provisions (As % Of Loans) %                                         4.65 4.18 4.81 4.59 5.08    
Cost of Provisions (As % Of Loans) % ...                                       0.347 0.390 0.360 0.437 0.813    
other data Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
Branches ... ... ...                                   928 851 825 805 713    
ATMs ... ... ...                                   1,761 1,745 1,708 1,648 1,592    
ATMs (As % of Bank Branches) % ... ... ...                                   190 205 207 205 223    
Employees                                         17,757 17,339 16,714 15,678 12,870    
Employees Per Bank Branch ... ... ...                                   19.1 20.4 20.3 19.5 18.1    
Cost Per Employee USD per month ...                                       2,203 2,447 2,805 2,923 3,387    
Cost Per Employee (Local Currency) PLN per month ...                                       8,902 9,373 10,154 11,044 13,208    
customer breakdown Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
Customers mil ... ... ...                                   5.48 5.67 5.95 6.22 6.53    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         5.48 5.67 5.95 6.22 6.53    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ...               3.19 1.85 2.05 2.53 3.61    
Payment Cards mil ... ... ... ... ... ... ... ... ... ... ... ... ...               2.74 3.87 ... ... ... ... ...
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ...                     0.328 0.354 0.378 0.394 0.401    
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0.572 0.621 0.678 0.717 0.675    
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         24,887 25,648 25,070 25,290 27,216    
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ...                     140,322 142,503 148,844 146,147 152,379    
Average Size of Consumer Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         21,598 22,434 22,412 27,304 27,405    
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         100.0 100.0 100.0 100 100    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ...               58.2 32.5 34.4 40.7 55.3    
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ...                     5.99 6.24 6.35 6.34 6.14    
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         10.4 11.0 11.4 11.5 10.3    
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ...               50.1 68.3 ... ... ... ... ...
                                                         
Market Value per Customer (Local Currency) PLN ... ... ...                                   6,029 6,010 4,827 4,249 2,470    
Revenue per Customer (Local Currency) PLN ... ... ...                                   1,388 1,345 1,364 1,406 1,291    
Net Profit per Customer (Local Currency) PLN ... ... ...                                   417 376 373 349 178    
Loan per Customer (Local Currency) PLN ... ... ...                                   22,384 23,336 21,733 22,669 21,817    
Deposit per Customer (Local Currency) PLN ... ... ...                                   24,886 25,647 25,069 25,290 27,216    
Market Value per Customer USD ... ... ...                                   1,443 1,726 1,284 1,119 657    
Revenue per Customer USD ... ... ...                                   343 351 377 372 331    
Net Profit per Customer USD ... ... ...                                   103 98.1 103 92.4 45.7    
Loan per Customer USD ... ... ...                                   5,356 6,703 5,780 5,969 5,805    
Deposit per Customer USD ... ... ...                                   5,955 7,367 6,668 6,659 7,241    

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Pekao's customer deposits rose 9.13% yoy to PLN 221,761 mil in 2Q2023

By Helgi Library - August 10, 2023

Pekao's customer deposits reached PLN 221,761 mil in 2023-06-30, down 2.40% compared to the previous year. Polish banking sector accepted customer deposits of PLN 2,045 bil in 2023-06-30, up 2.00% when compared to the last year. Pekao accounted for 10.8% ...

Pekao's mortgage loans fell 4.41% yoy to PLN 63,351 mil in 3Q2023

By Helgi Library - November 22, 2023

Pekao's mortgage loans reached PLN 63,351 mil in 3Q2023, up 1.10% compared to the previous year. Polish banking sector provided mortgage loans of PLN 443 in 3Q2023, down 0.552% when compared to the last year. Pekao accounted for 14.3% of all mortgage loan...

Pekao's retail deposits rose 14.3% yoy to PLN 128,161 mil in 2Q2023

By Helgi Library - August 10, 2023

Pekao's retail deposits reached PLN 128,161 mil in 2023-06-30, up 0.850% compared to the previous year. Polish banking sector accepted retail deposits of PLN 1,068 bil in 2023-06-30, up 1.91% when compared to the last year. Pekao accounted for 12.0% of al...

Pekao's net interest margin rose 608% yoy to 4.05% in 3Q2023

By Helgi Library - November 8, 2023

Pekao's net interest margin amounted to 4.05% in the third quarter of 2023, down from 4.12% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.80% in 4Q2001 and an all time low of 0.571% in ...

Pekao's employees rose 3.01% yoy to 15,086 in 3Q2023

By Helgi Library - November 8, 2023

Pekao employed 15,086 persons in 2023-09-30, up 1.13% when compared to the previous year. Historically, the bank's workforce hit an all time high of 21,120 persons in 2010-06-30 and an all time low of 14,642 in 2022-12-31. Average cost reached USD 3,589 per month ...

Pekao's customer loans fell 2.23% yoy to PLN 159,592 mil in 2Q2023

By Helgi Library - August 10, 2023

Pekao's customer loans reached PLN 159,592 mil in 2023-06-30, up 0.456% compared to the previous year. Polish banking sector provided customer loans of PLN 1,584 in 2023-06-30, down 0.064% when compared to the last year. Pekao accounted for 10.1% of all c...

Pekao's corporate loans fell 4.22% yoy to PLN 86,054 mil in 3Q2023

By Helgi Library - November 8, 2023

Pekao's loans reached PLN 172,482 mil in the third quarter of 2023, up from PLN 169,286 mil when compared to the previous quarter and down from PLN 173,495 mil when compared to the same period of last year. Historically, the bank’s loans reached an ...

Pekao's corporate deposits rose 3.19% yoy to PLN 92,325 mil in 2Q2023

By Helgi Library - November 8, 2023

Pekao's corporate deposits reached PLN 92,325 mil in 2023-06-30, down 4.47% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 634 bil in 2023-06-30, up 0.855% when compared to the last year. Pekao accounted for 14.6% ...

Pekao's branches fell 5.69% yoy to 580 in 3Q2023

By Helgi Library - November 8, 2023

Pekao employed 15,086 persons in 2023-09-30, up 1.13% compared to the previous year. Historically, the bank's workforce hit an all time high of 21,120 persons in 2010-06-30 and an all time low of 14,642 in 2022-12-31. The bank operated a network of 580 bra...

Pekao's retail loans fell 6.43% yoy to PLN 75,609 mil in 2Q2023

By Helgi Library - September 14, 2023

Pekao's retail loans reached PLN 75,609 mil in the second quarter of 2023, down 0.124% compared to the previous year. Polish banking sector provided retail loans of PLN 722 bil in 2Q2023, down 0.570% when compared to the last year. Pekao accounted for 10....

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Bank Polska Kasa Opieki Spółka Akcyjna, commonly using the shorter name Bank Pekao S.A., is the second largest bank in Poland. The bank was founded in 1929 mainly to provide financial services to Poles living abroad. Bank Pekao operates through the second largest network of branches in Poland and employs more than 16,000 people (2019). Group of Bank Pekao consists of the biggest investment fund in Poland, pension fund, brokerage house, as well as leasing and factoring subsidiaries, all of them leading in their respective market fields. The Italian bank UniCredit used to own 59% of the company. It sold the bank in December 2016 with Powszechny Zakład Ubezpieczeń owns a 20% of the company (2019).

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Finance

Pekao has been growing its revenues and asset by 2.67% and 6.43% a year on average in the last 10 years. Its loans and deposits have grown by 5.28% and 7.43% a year during that time and loans to deposits ratio reached 75.3% at the end of 2022. The company achieved an average return on equity of 9.25% in the last decade with net profit growing -5.06% a year on average. In terms of operating efficiency, its cost to income ratio reached 54.5% in 2022, compared to 51.9% average in the last decade.

Equity represented 8.10% of total assets or 14.3% of loans at the end of 2022. Pekao's non-performing loans were 6.03% of total loans while provisions covered some 102% of NPLs at the end of 2022.

Valuation

Pekao stock traded at per share at the end of 2022 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 6.99% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 13.2x and price to book value (PBV) of 0.997x in 2022.

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