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PKO BP

PKO BP's net profit rose 30.4% yoy to PLN 1,217 mil in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP made a net profit of PLN 1,217 mil in the second quarter of 2019, up 30.4% when compared to the same period of last year. ...

PKO BP's npls (as % of loans) fell 19.5% yoy to 4.60% in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP's non-performing loans reached 4.60% of total loans at the end of 2019-06-30, down from 5.71% compared to the previous yea...

PKO BP's branches fell 4.63% yoy to 1,132 in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP employed 28,057 persons in 2019-06-30, up 0.628% compared to the previous year. Historically, the bank's workforce hit an...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income PLN mil 7,755 8,606 9,345
Net Fee Income PLN mil 2,693 2,969 3,013
Other Income PLN mil 319 470 981
Total Revenues PLN mil 10,767 12,045 13,339
Staff Cost PLN mil 2,836 2,974 3,023
Operating Profit PLN mil 5,177 6,261 7,442
Provisions PLN mil 1,623 1,620 1,451
Net Profit PLN mil 2,874 3,104 3,741
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 5,345 5,233 7,661
Customer Loans PLN mil 200,606 205,628 214,912
Debt Securities PLN mil 54,691 57,066 2,565
Total Assets PLN mil 285,573 296,912 324,255
Shareholders' Equity PLN mil 32,569 36,256 39,101
Interbank Borrowing PLN mil 19,208 4,558 2,008
Customer Deposits PLN mil 205,066 218,800 242,816
Issued Debt Securities PLN mil 17,032 25,652 31,358
Ratios 2016 2017 2018
ROE % 9.15 9.02 9.93
ROA % 1.04 1.07 1.20
Costs (As % Of Assets) % 2.02 1.99 1.90
Costs (As % Of Income) % 51.9 48.0 44.2
Capital Adequacy Ratio % 15.8 17.4 18.9
Net Interest Margin % 2.81 2.95 3.01
Loans (As % Of Deposits) % 97.8 94.0 88.5
NPLs (As % Of Loans) % 5.90 5.50 5.13
Provisions (As % Of NPLs) % 65.5 66.6 71.7
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 8,416 15,897 13,090
Share Price (End Of Period) PLN 28.1 44.3 39.5
Price/Earnings (P/E) 12.2 17.8 13.2
Price/Book Value (P/BV) 1.08 1.53 1.26
Dividend Yield % 0 1.24 ...
Earnings Per Share (EPS) PLN 2.30 2.48 2.99
Book Value Per Share PLN 26.1 29.0 31.3
Dividend Per Share PLN 0 0.550 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income PLN mil                       8,089 6,722 7,523 7,029 7,755    
Total Revenues PLN mil                       11,622 10,707 11,527 10,665 10,767    
Operating Profit PLN mil                       6,939 6,082 5,933 4,667 5,177    
Net Profit PLN mil                       3,739 3,230 3,243 2,610 2,874    
balance sheet                                    
Interbank Loans PLN mil                       3,392 1,893 2,487 4,553 5,345    
Customer Loans PLN mil                       143,483 149,623 179,497 190,414 200,606    
Debt Securities PLN mil                       33,744 38,120 46,603 49,416 54,691    
Total Assets PLN mil                       193,151 199,231 248,701 266,940 285,573    
Shareholders' Equity PLN mil                       24,436 25,154 27,616 30,265 32,569    
Interbank Borrowing PLN mil                       7,701 7,080 19,395 18,293 19,208    
Customer Deposits PLN mil                       146,194 151,904 174,387 195,758 205,066    
Issued Debt Securities PLN mil                       11,902 12,167 21,294 16,557 17,032    
ratios                                    
ROE %                       15.8 13.0 12.3 9.02 9.15    
ROA %                       1.95 1.65 1.45 1.01 1.04    
Costs (As % Of Assets) %                       2.44 2.36 2.50 2.33 2.02    
Costs (As % Of Income) %                       40.3 43.2 48.5 56.2 51.9    
Capital Adequacy Ratio % ...                     13.1 13.6 13.0 14.6 15.8    
Net Interest Margin %                       4.21 3.43 3.36 2.73 2.81    
Interest Income (As % Of Revenues) %                       69.6 62.8 65.3 65.9 72.0    
Fee Income (As % Of Revenues) %                       25.1 28.1 25.4 26.7 25.0    
Staff Cost (As % Of Total Cost) %                       54.9 54.4 47.8 46.1 50.7    
Equity (As % Of Assets) %                       12.7 12.6 11.1 11.3 11.4    
Loans (As % Of Deposits) %                       98.1 98.5 103 97.3 97.8    
Loans (As % Assets) %                       74.3 75.1 72.2 71.3 70.2    
NPLs (As % Of Loans) %                       8.93 8.23 6.92 6.59 5.90    
Provisions (As % Of NPLs) %                       50.4 51.7 61.8 63.3 65.5    
valuation                                    
Market Capitalisation (End Of Period) USD mil ... ... ...                 14,909 16,351 12,626 8,757 8,416    
Number Of Shares (Average) mil                       1,250 1,250 1,250 1,250 1,250    
Share Price (End Of Period) PLN ... ... ...                 36.9 39.4 35.8 27.3 28.1    
Earnings Per Share (EPS) PLN                       2.99 2.58 2.59 2.09 2.30    
Book Value Per Share PLN                       19.5 20.1 22.1 24.2 26.1    
Dividend Per Share PLN                       1.80 0.750 0 0 0   ...
Price/Earnings (P/E) ... ... ...                 12.3 15.3 13.8 13.1 12.2    
Price/Book Value (P/BV) ... ... ...                 1.89 1.96 1.62 1.13 1.08    
Dividend Yield % ... ... ...                 4.88 1.90 0 0 0   ...
Earnings Per Share Growth % ...                     -1.80 -13.6 0.403 -19.5 10.1    
Book Value Per Share Growth % ...                     7.07 2.94 9.78 9.59 7.61    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income PLN mil                       13,198 10,764 10,737 9,658 9,965    
Interest Cost PLN mil                       5,109 4,042 3,215 2,629 2,210    
Net Interest Income PLN mil                       8,089 6,722 7,523 7,029 7,755    
Net Fee Income PLN mil                       2,917 3,006 2,934 2,851 2,693    
Other Income PLN mil                       616 979 1,070 786 319    
Total Revenues PLN mil                       11,622 10,707 11,527 10,665 10,767    
Staff Cost PLN mil                       2,572 2,515 2,672 2,766 2,836    
Depreciation PLN mil                       541 579 747 819 801    
Other Cost PLN mil                       1,569 1,531 2,174 2,413 1,953    
Operating Cost PLN mil                       4,683 4,625 5,593 5,998 5,590    
Operating Profit PLN mil                       6,939 6,082 5,933 4,667 5,177    
Provisions PLN mil                       2,325 2,038 1,899 1,476 1,623    
Extra and Other Cost PLN mil                       -19.0 0 0 0 -229    
Pre-Tax Profit PLN mil                       4,633 4,044 4,035 3,191 3,783    
Tax PLN mil                       895 816 792 589 907    
Minorities PLN mil                       1.18 1.60 11.3 17.0 2.10    
Net Profit PLN mil                       3,739 3,230 3,243 2,610 2,874    
Dividends PLN mil                       2,250 938 0 0 0   ...
growth rates                                    
Net Interest Income Growth % ...                     6.31 -16.9 11.9 -6.57 10.3    
Net Fee Income Growth % ...                     -5.96 3.06 -2.40 -2.83 -5.52    
Total Revenue Growth % ...                     7.08 -7.87 7.66 -7.48 0.961    
Operating Cost Growth % ...                     6.15 -1.24 20.9 7.24 -6.80    
Operating Profit Growth % ...                     7.72 -12.3 -2.45 -21.3 10.9    
Pre-Tax Profit Growth % ...                     -3.09 -12.7 -0.245 -20.9 18.6    
Net Profit Growth % ...                     -1.80 -13.6 0.403 -19.5 10.1    
market share                                    
Market Share in Revenues %                       19.8 19.3 20.0 19.1 18.2   ...
Market Share in Net Profit %                       24.2 21.3 20.4 23.3 20.7   ...
Market Share in Employees %                       15.7 15.3 16.5 16.7 17.0   ...
Market Share in Bank Cards % ...                     21.5 20.6 20.9 22.0 22.1   ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ...       23.3 22.2 22.3 22.9 22.8   ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ...       15.2 13.5 14.0 14.4 14.5   ...
Market Share in Branches % ...                     7.79 7.77 8.78 8.83 8.56   ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash PLN mil                       10,290 7,246 11,738 13,744 13,325    
Interbank Loans PLN mil                       3,392 1,893 2,487 4,553 5,345    
Customer Loans PLN mil                       143,483 149,623 179,497 190,414 200,606    
Retail Loans PLN mil                       93,901 97,304 112,413 144,006 154,100    
Mortgage Loans PLN mil                       72,134 76,632 90,769 96,061 101,400    
Consumer Loans PLN mil                       21,768 20,672 21,645 23,529 24,700    
Corporate Loans PLN mil ... ...                   47,022 47,970 50,661 54,668 54,500    
Debt Securities PLN mil                       33,744 38,120 46,603 49,416 54,691    
Fixed Assets PLN mil                       4,585 4,841 6,033 6,053 6,508    
Total Assets PLN mil                       193,151 199,231 248,701 266,940 285,573    
Shareholders' Equity PLN mil                       24,436 25,154 27,616 30,265 32,569    
Of Which Minority Interest PLN mil                       -0.338 1.51 -10.0 -18.4 -16.2    
Liabilities PLN mil                       168,714 174,077 221,085 236,675 253,004    
Interbank Borrowing PLN mil                       7,701 7,080 19,395 18,293 19,208    
Customer Deposits PLN mil                       146,194 151,904 174,387 195,758 205,066    
Retail Deposits PLN mil ...                     110,866 116,538 122,300 128,300 140,000    
Corporate Deposits PLN mil ...                     31,868 30,854 52,087 67,459 65,066    
Sight Deposits PLN mil ... ... ... ... ... ... ...         61,636 68,872 82,654 92,166 111,515    
Term Deposits PLN mil ... ... ... ... ... ... ...         84,558 83,032 91,733 103,592 93,551    
Issued Debt Securities PLN mil                       11,902 12,167 21,294 16,557 17,032    
Other Liabilities PLN mil                       2,917 2,926 6,009 6,067 11,697    
asset quality                                    
Non-Performing Loans PLN mil                       13,446 12,861 12,977 13,101 12,307    
Gross Loans PLN mil                       150,652 156,274 187,520 198,701 208,600    
Total Provisions PLN mil                       6,776 6,651 8,022 8,287 8,061    
growth rates                                    
Customer Loan Growth % ...                     1.31 4.28 20.0 6.08 5.35    
Retail Loan Growth % ...                     -1.67 3.62 15.5 28.1 7.01    
Mortgage Loan Growth % ...                     1.37 6.24 18.4 5.83 5.56    
Consumer Loan Growth % ...                     -10.6 -5.03 4.70 8.71 4.98    
Corporate Loan Growth % ... ... ...                 3.39 2.02 5.61 7.91 -0.308    
Total Asset Growth % ...                     1.26 3.15 24.8 7.33 6.98    
Shareholders' Equity Growth % ...                     7.07 2.94 9.78 9.59 7.61    
Customer Deposit Growth % ...                     -0.191 3.91 14.8 12.3 4.75    
Retail Deposit Growth % ... ...                   6.41 5.12 4.94 4.91 9.12    
Corporate Deposit Growth % ... ...                   -17.2 -3.18 68.8 29.5 -3.55    
market share                                    
Market Share in Customer Loans %                       15.3 15.4 17.3 17.2 17.2   ...
Market Share in Corporate Loans % ... ...                   17.3 17.3 16.8 16.7 15.8   ...
Market Share in Retail Loans %                       10.3 9.44 9.29 9.52 9.49   ...
Market Share in Consumer Loans %                       17.6 17.5 19.1 22.9 23.3   ...
Market Share in Mortgage Loans %                       22.4 22.8 25.5 25.2 25.3   ...
Market Share in Total Assets %                       14.3 14.2 16.2 16.7 16.7   ...
Market Share in Customer Deposits %                       15.7 15.5 16.7 17.6 16.9   ...
Market Share in Retail Deposits % ...                     21.5 21.3 20.2 19.3 19.2   ...
Market Share in Corporate Deposits % ...                     16.7 14.7 22.7 26.6 23.7   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       15.8 13.0 12.3 9.02 9.15    
ROA %                       1.95 1.65 1.45 1.01 1.04    
Costs (As % Of Assets) %                       2.44 2.36 2.50 2.33 2.02    
Costs (As % Of Income) %                       40.3 43.2 48.5 56.2 51.9    
Capital Adequacy Ratio % ...                     13.1 13.6 13.0 14.6 15.8    
Tier 1 Ratio % ... ... ... ... ... ...           12.0 11.8 11.7 13.3 14.5    
Net Interest Margin %                       4.21 3.43 3.36 2.73 2.81    
Interest Spread % ...                     3.84 3.13 3.17 2.60 2.70    
Asset Yield %                       6.88 5.49 4.79 3.75 3.61    
Cost Of Liabilities % ...                     3.04 2.36 1.63 1.15 0.902    
Payout Ratio %                       60.2 29.0 0 0 0   ...
Interest Income (As % Of Revenues) %                       69.6 62.8 65.3 65.9 72.0    
Fee Income (As % Of Revenues) %                       25.1 28.1 25.4 26.7 25.0    
Other Income (As % Of Revenues) %                       5.30 9.15 9.28 7.37 2.96    
Cost Per Employee USD per month                       2,307 2,421 2,341 2,121 1,987    
Cost Per Employee (Local Currency) PLN per month                       7,506 7,652 7,671 7,890 8,027    
Staff Cost (As % Of Total Cost) %                       54.9 54.4 47.8 46.1 50.7    
Equity (As % Of Assets) %                       12.7 12.6 11.1 11.3 11.4    
Loans (As % Of Deposits) %                       98.1 98.5 103 97.3 97.8    
Loans (As % Assets) %                       74.3 75.1 72.2 71.3 70.2    
NPLs (As % Of Loans) %                       8.93 8.23 6.92 6.59 5.90    
Provisions (As % Of NPLs) %                       50.4 51.7 61.8 63.3 65.5    
Provisions (As % Of Loans) %                       4.72 4.45 4.47 4.35 4.02    
Cost of Provisions (As % Of Loans) %                       1.63 1.39 1.15 0.798 0.830    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Branches ...                     1,198 1,186 1,319 1,277 1,238    
Employees                       28,556 27,387 29,032 29,220 29,441    
ATMs ...                     2,803 2,992 3,202 3,196 3,206    
Clients mil ... ...                   6.22 6.32 6.66 6.62 6.85    
Payment Cards '000 ...                     7,164 7,080 7,468 7,523 7,864    
Debit Cards '000 ... ... ... ... ... ... ... ...       6,184 6,255 6,625 6,685 7,012    
Credit Cards '000 ... ... ... ... ... ... ... ...       980 825 843 838 852    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ...         42.2 45.3 47.4 47.1 54.4    

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PKO BP's capital adequacy ratio rose 6.58% yoy to 18.6% in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP's capital adequacy ratio reached 18.6% at the end of second quarter of 2019, up from 18.4% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 18.9% in 4Q2018 and an all time low of 12.3% in 3Q2011. The...

PKO BP's corporate loans rose 10.8% yoy to PLN 58,562 mil in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP's loans reached PLN 233,088 mil in the second quarter of 2019, up from PLN 227,612 mil when compared to the previous quarter and up from PLN 216,475 mil when compared to the same period of last year. Historically, the bank’s loans reached an ...

PKO BP's costs (as % of assets) fell 8.82% yoy to 1.76% in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP's cost to income ratio reached 38.6% in the second quarter of 2019, down from 48.2% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 72.9% of income in 4Q2015 and an all time low of 38.6% in 2Q2019. ...

PKO BP's share price (end of period) rose 15.8% yoy to PLN 42.8 in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP stock traded at PLN 42.8 per share at the end of second quarter of 2019 implying a market capitalization of USD 14,156 mil. Over the last five years, the stock has appreciated by 13.6 % implying an annual average growth of 2.58 %. In absolute terms, the value o...

PKO BP's employees fell 1.64% yoy to 28,057 in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP employed 28,057 persons in 2019-06-30, up 0.628% when compared to the previous year. Historically, the bank's workforce hit an all time high of 35,386 persons in 2004-12-31 and an all time low of 27,387 in 2013-12-31. Average cost reached USD 2,539 per mont...

PKO BP's net interest margin rose 0.627% yoy to 3.10% in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP's net interest margin amounted to 3.10% in the second quarter of 2019, up from 3.02% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 5.31% in 3Q2008 and an all time low of 2.63% in 2...

PKO BP's price/earnings (P/E) fell 4.36% yoy to 13.0 in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP stock traded at PLN 42.8 per share at the end second quarter of 2019 implying a market capitalization of USD 14,156 mil. Since the end of 2Q2014, the stock has appreciated by 13.6 % implying an annual average growth of 2.58 %. In absolute terms, the value of th...

PKO BP's market capitalisation (end of period) rose 11.7% to USD 14,156 mil in 2Q2019

By Helgi Analytics - January 26, 2020

PKO BP stock traded at PLN 42.8 per share at the end of second quarter of 2019 implying a market capitalization of USD 14,156 mil. Over the last five years, the stock has appreciated by 13.6 implying an annual average growth of 2.58% In absolute terms, th...

PKO BP's net interest income rose 11.0% yoy to PLN 2,538 mil in 2Q2019

By Helgi Analytics - August 14, 2019

PKO BP generated total banking revenues of PLN 3,739 mil in the second quarter of 2019, up 14.2% when compared to the same period of last year and 7.01% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee a...

PKO BP's equity (as % of assets) fell 2.19% yoy to 12.0% in 2Q2019

By Helgi Analytics - October 7, 2019

PKO BP's Equity reached of total assets in the 2Q2019, up from 8.47% for the previous year. As a share of net customer loans, the ratio amounted to at the end of the second quarter of 2019. ...

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Powszechna Kasa Oszczędności Bank Polski (PKO BP) is Poland's largest bank. The Bank was founded in 1919 and is headquartered in Warsaw, Poland. The bank offers a range of personal and business financial services such as savings account, deposits, mortgage loans and brokerage products through specialized financial services in the area of leasing, factoring, investment funds, pension funds and life insurance. The core business activity of PKO Bank Polski is retail banking and the full name Powszechna Kasa Oszczędności roughly means "General Savings Bank". The bank employes more than 25,000 people and services more than 6 million clients through a network of more than 1,200 branches and 3,000 ATMs.

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Finance

PKO BP has been growing its revenues and asset by 3.57% and 9.19% a year on average in the last 10 years. Its loans and deposits have grown by 7.83% and 8.96% a year during that time and loans to deposits ratio reached 88.5% at the end of 2018. The company achieved an average return on equity of 12.4% in the last decade with net profit growing 1.83% a year on average. In terms of operating efficiency, its cost to income ratio reached 44.2% in 2018, compared to 46.3% average in the last decade.

Equity represented 12.1% of total assets or 18.2% of loans at the end of 2018. PKO BP's non-performing loans were 5.13% of total loans while provisions covered some 71.7% of NPLs at the end of 2018.

Valuation

PKO BP stock traded at PLN 39.5 per share at the end of 2018 resulting in a market capitalization of USD 13,090 mil. Over the previous five years, stock price rose by 0.127% or 0.025% a year on average. That’s compared to an average ROE of 9.88% 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 1.26x in 2018.

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