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PKO BP

PKO BP's price/earnings (P/E) fell 373% yoy to -28.7 in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP stock traded at per share at the end first quarter of 1970 implying a market capitalization of. Since the end of 1Q1965, the st...

PKO BP's customer deposits rose 14.0% yoy to PLN 340,402 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's customer deposits reached PLN 340,402 mil in 2022-09-30, up 4.32% compared to the previous year. Polish banking sector...

PKO BP's total revenues fell 39.1% yoy to PLN 2,303 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP generated total banking revenues of PLN 2,303 mil in 2022-09-30, down 53.5% compared to the previous year. Polish b...

Annual Quarterly
Profit Statement 2018 2019 2020
Net Interest Income PLN mil 9,357 10,293 10,166
Net Fee Income PLN mil 3,013 3,047 3,904
Other Income PLN mil 2,229 2,634 1,296
Total Revenues PLN mil 14,599 15,974 15,366
Staff Cost PLN mil 3,023 3,215 2,974
Operating Profit PLN mil 7,395 7,965 7,047
Provisions PLN mil 1,292 1,104 1,700
Net Profit PLN mil 3,768 4,023 2,895
Balance Sheet 2018 2019 2020
Interbank Loans PLN mil 7,712 5,173 2,557
Customer Loans PLN mil 214,861 230,206 228,112
Investments PLN mil 64,114 80,573 123,694
Total Assets PLN mil 324,255 347,897 381,793
Shareholders' Equity PLN mil 39,101 41,578 45,301
Interbank Borrowing PLN mil 2,008 4,914 4,893
Customer Deposits PLN mil 241,036 254,496 282,356
Issued Debt Securities PLN mil 31,358 34,772 34,814
Ratios 2018 2019 2020
ROE % 10.00 9.97 6.67
ROA % 1.21 1.20 0.794
Costs (As % Of Assets) % 2.32 2.38 2.28
Costs (As % Of Income) % 49.3 50.1 54.1
Capital Adequacy Ratio % 18.9 18.4 20.2
Net Interest Margin % 3.01 3.06 2.79
Loans (As % Of Deposits) % 89.1 90.5 80.8
NPLs (As % Of Loans) % 5.39 4.33 4.26
Provisions (As % Of NPLs) % 68.2 70.2 86.7
Valuation 2018 2019 2020
Market Capitalisation USD mil 13,173 11,364 9,608
Number Of Shares mil 1,250 1,250 1,250
Share Price PLN 39.5 34.5 28.7
Price/Earnings (P/E) 13.1 10.7 12.4
Price/Book Value (P/BV) 1.26 1.04 0.792
Dividend Yield % 3.37 0 0
Earnings Per Share (EPS) PLN 3.01 3.21 2.32
Book Value Per Share PLN 31.3 33.3 36.2
Dividend Per Share PLN 1.33 0 0

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                        
Net Interest Income PLN mil                           7,529 7,039 7,765 8,618 9,357    
Total Revenues PLN mil                           12,434 11,606 12,541 13,657 14,599    
Operating Profit PLN mil                           6,825 5,773 6,054 7,010 7,395    
Net Profit PLN mil                           3,270 2,997 2,805 3,371 3,768    
balance sheet                                        
Interbank Loans PLN mil                           2,798 8,985 6,684 6,135 7,712    
Customer Loans PLN mil                           179,187 185,982 199,268 204,726 214,861    
Investments PLN mil         ... ... ... ...           40,160 44,457 51,405 54,075 64,114    
Total Assets PLN mil                           248,701 266,940 285,573 296,912 324,255    
                                           
Shareholders' Equity PLN mil                           27,616 30,265 32,569 36,256 39,101    
Interbank Borrowing PLN mil                           26,761 19,122 19,213 4,612 2,008    
Customer Deposits PLN mil                           173,531 194,929 205,066 218,752 241,036    
Issued Debt Securities PLN mil                           9,208 11,932 17,032 25,652 31,358    
ratios                                        
ROE % ...                         12.4 10.4 8.93 9.80 10.00    
ROA % ...                         1.46 1.16 1.02 1.16 1.21    
Costs (As % Of Assets) % ...                         2.50 2.26 2.35 2.28 2.32    
Costs (As % Of Income) %                           45.1 50.3 51.7 48.7 49.3    
Capital Adequacy Ratio %       ... ...                 13.0 14.6 15.8 17.4 18.9    
Net Interest Margin % ...                         3.36 2.73 2.81 2.96 3.01    
Interest Income (As % Of Revenues) %                           60.6 60.7 61.9 63.1 64.1    
Fee Income (As % Of Revenues) %                           23.6 24.6 21.5 21.7 20.6    
Staff Cost (As % Of Total Cost) %                           46.4 47.4 43.7 44.7 42.0    
Equity (As % Of Assets) %                           11.1 11.3 11.4 12.2 12.1    
Loans (As % Of Deposits) %                           103 95.4 97.2 93.6 89.1    
Loans (As % Assets) %                           72.0 69.7 69.8 69.0 66.3    
NPLs (As % Of Loans) %       ...                   6.93 6.74 5.90 5.49 5.39    
Provisions (As % Of NPLs) %       ... ...                 61.8 63.3 65.5 67.0 68.2    
valuation                                        
Market Capitalisation USD mil ... ... ...                     12,628 8,696 8,421 15,948 13,173    
Number Of Shares mil                           1,250 1,250 1,250 1,250 1,250    
Share Price PLN ... ... ...                     35.8 27.3 28.1 44.3 39.5    
Earnings Per Share (EPS) PLN                           2.62 2.40 2.24 2.70 3.01    
Book Value Per Share PLN                           22.1 24.2 26.1 29.0 31.3    
Dividend Per Share PLN ... ... ...                     0 0 0 0.550 1.33    
Price/Earnings (P/E) ... ... ...                     13.7 11.4 12.5 16.4 13.1    
Price/Book Value (P/BV) ... ... ...                     1.62 1.13 1.08 1.53 1.26    
Dividend Yield % ... ... ...                     0 0 0 1.24 3.37    
Earnings Per Share Growth % ...                         15.0 -8.37 -6.38 20.2 11.7    
Book Value Per Share Growth % ...                         9.78 9.59 7.61 11.3 7.85    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                        
Interest Income PLN mil                           10,744 9,669 9,975 10,931 11,606    
Interest Cost PLN mil                           3,215 2,629 2,210 2,313 2,249    
Net Interest Income PLN mil                           7,529 7,039 7,765 8,618 9,357    
Net Fee Income PLN mil                           2,934 2,851 2,693 2,969 3,013    
Fee Income PLN mil                           4,002 3,598 3,580 3,918 4,042    
Fee Expense PLN mil                           1,069 748 886 949 1,029    
Other Income PLN mil                           1,971 1,716 2,082 2,070 2,229    
Total Revenues PLN mil                           12,434 11,606 12,541 13,657 14,599    
Staff Cost PLN mil                           2,602 2,767 2,836 2,974 3,023    
Depreciation PLN mil ... ... ... ... ... ... ... ...           320 351 331 368 370    
Other Cost PLN mil ... ... ... ... ... ... ... ...           2,687 2,715 3,320 3,305 3,811    
Operating Cost PLN mil                           5,609 5,833 6,487 6,647 7,204    
Operating Profit PLN mil                           6,825 5,773 6,054 7,010 7,395    
Provisions PLN mil                           1,734 1,395 1,504 1,504 1,292    
Extra and Other Cost PLN mil                           1,037 710 852 927 992    
Pre-Tax Profit PLN mil                           4,054 3,669 3,698 4,579 5,111    
Tax PLN mil                           796 680 891 1,203 1,342    
Minorities PLN mil                           -11.3 -8.30 2.10 5.00 1.00    
Net Profit PLN mil                           3,270 2,997 2,805 3,371 3,768    
Net Profit Avail. to Common PLN mil                           3,270 2,997 2,805 3,371 3,768    
Dividends PLN mil ... ... ...                     0 0 0 688 1,663    
growth rates                                        
Net Interest Income Growth % ...                         11.9 -6.51 10.3 11.0 8.58    
Net Fee Income Growth % ...                         -2.40 -2.83 -5.51 10.2 1.48    
Total Revenue Growth % ...                         8.01 -6.66 8.06 8.90 6.90    
Operating Cost Growth % ...                         12.3 3.99 11.2 2.46 8.38    
Operating Profit Growth % ...                         4.71 -15.4 4.86 15.8 5.49    
Pre-Tax Profit Growth % ...                         13.7 -9.52 0.813 23.8 11.6    
Net Profit Growth % ...                         15.0 -8.37 -6.38 20.2 11.8    
market share                                        
Market Share in Revenues %                           21.6 20.7 21.1 22.1 22.7    
Market Share in Net Profit %                           20.6 26.8 20.2 24.8 28.9    
Market Share in Employees %       ... ... ... ... ...           15.0 17.1 15.3 17.3 17.1   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ...         10.8 10.8 11.0 11.4 11.6    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                                        
Cash & Cash Equivalents PLN mil                           11,738 13,744 13,325 17,810 22,925    
Interbank Loans PLN mil                           2,798 8,985 6,684 6,135 7,712    
Customer Loans PLN mil                           179,187 185,982 199,268 204,726 214,861    
Retail Loans PLN mil ... ... ...                     119,750 126,535 133,014 134,439 142,062   ...
Mortgage Loans PLN mil ... ... ... ... ... ... ... ...           98,106 103,006 108,322 108,163 114,781    
Consumer Loans PLN mil ... ... ... ... ... ... ... ...           21,645 23,529 24,693 26,276 27,281   ...
Corporate Loans PLN mil ... ... ...                     62,527 56,642 56,722 60,497 64,910   ...
Investments PLN mil         ... ... ... ...           40,160 44,457 51,405 54,075 64,114    
Property and Equipment PLN mil                           2,654 2,782 3,086 2,915 2,931    
Intangible Assets PLN mil                           3,380 3,271 3,422 3,242 3,195    
Goodwill PLN mil ... ... ... ... ... ... ... ...           1,194 1,199 1,252 1,263 1,251   ...
Total Assets PLN mil                           248,701 266,940 285,573 296,912 324,255    
                                           
Shareholders' Equity PLN mil                           27,616 30,265 32,569 36,256 39,101    
Of Which Minority Interest PLN mil                           -10.0 -18.3 -16.2 -11.0 -10.0    
Liabilities PLN mil                           221,085 236,675 253,004 260,656 285,154    
Interbank Borrowing PLN mil                           26,761 19,122 19,213 4,612 2,008    
Customer Deposits PLN mil                           173,531 194,929 205,066 218,752 241,036    
Sight Deposits PLN mil                           82,654 92,166 111,515 136,444 153,312   ...
Term Deposits PLN mil                           86,038 97,548 87,438 77,559 82,218   ...
Issued Debt Securities PLN mil                           9,208 11,932 17,032 25,652 31,358    
Subordinated Debt PLN mil ... ... ... ... ... ...     ... ... ...   ... ... ... ... ... ... ... ...
Other Liabilities PLN mil                           11,585 10,691 11,693 11,640 10,752    
asset quality                                        
Non-Performing Loans PLN mil       ...                   12,977 13,101 12,220 11,678 12,021    
Gross Loans PLN mil                           187,209 194,269 207,270 212,550 223,065    
Risk-Weighted Assets PLN mil ... ... ... ... ...                 190,870 185,460 195,321 195,875 200,438    
Total Provisions PLN mil       ... ...                 8,022 8,287 8,003 7,824 8,204    
growth rates                                        
Customer Loan Growth % ...                         21.5 3.79 7.14 2.74 4.95    
Retail Loan Growth % ... ... ... ...                   23.1 5.67 5.12 1.07 5.67   ...
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ...         28.0 4.99 5.16 -0.146 6.12    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ...         4.93 8.71 4.95 6.41 3.82   ...
Corporate Loan Growth % ... ... ... ...                   13.6 -9.41 0.142 6.66 7.29   ...
Total Asset Growth % ...                         24.8 7.33 6.98 3.97 9.21    
Shareholders' Equity Growth % ...                         9.78 9.59 7.61 11.3 7.85    
Customer Deposit Growth % ...                         15.5 12.3 5.20 6.67 10.2    
market share                                        
Market Share in Customer Loans %                           17.2 16.8 17.1 17.0 17.4    
Market Share in Corporate Loans % ... ... ...                     20.8 17.3 16.4 16.5 17.4   ...
Market Share in Retail Loans % ... ... ... ... ... ... ... ...           9.29 9.52 9.48 9.46 10.2   ...
Market Share in Consumer Loans % ... ... ...                     20.3 20.1 20.1 20.0 20.2   ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ...           27.6 27.0 27.1 27.4 26.4    
Market Share in Total Assets %                           16.2 16.7 16.7 16.7 16.3    
Market Share in Customer Deposits %                           16.6 17.5 16.9 17.2 19.5    
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                         
ROE % ...                         12.4 10.4 8.93 9.80 10.00    
ROTE % ...                         13.9 11.7 9.99 10.8 10.9    
ROE (@ 15% of RWA) % ... ... ... ... ... ...               12.5 10.6 9.82 11.5 12.7    
ROA % ...                         1.46 1.16 1.02 1.16 1.21    
Return on Loans % ...                         2.00 1.64 1.46 1.67 1.80    
Operating Profit (As % of RWA) % ... ... ... ... ... ...               3.92 3.07 3.18 3.58 3.73    
Costs (As % Of Assets) % ...                         2.50 2.26 2.35 2.28 2.32    
Costs (As % Of Income) %                           45.1 50.3 51.7 48.7 49.3    
Costs (As % Of Loans) % ...                         3.43 3.19 3.37 3.29 3.43    
Costs (As % Of Loans & Deposits) % ...                         1.72 1.59 1.65 1.61 1.64    
Capital Adequacy Ratio %       ... ...                 13.0 14.6 15.8 17.4 18.9    
Tier 1 Ratio % ... ... ... ... ...                 11.7 13.3 14.5 16.5 17.5    
Net Interest Margin % ...                         3.36 2.73 2.81 2.96 3.01    
Interest Spread % ...                         3.17 2.60 2.71 2.85 2.91    
Asset Yield % ...                         4.80 3.75 3.61 3.75 3.74    
Revenues (As % of RWA) % ... ... ... ... ... ...               7.15 6.17 6.59 6.98 7.37    
Cost Of Liabilities % ...                         1.63 1.15 0.902 0.901 0.824    
Payout Ratio % ... ... ...                     0 0 0 20.4 44.1    
Interest Income (As % Of Revenues) %                           60.6 60.7 61.9 63.1 64.1    
Fee Income (As % Of Revenues) %                           23.6 24.6 21.5 21.7 20.6    
Other Income (As % Of Revenues) %                           15.9 14.8 16.6 15.2 15.3    
Staff Cost (As % Of Total Cost) %                           46.4 47.4 43.7 44.7 42.0    
Equity (As % Of Assets) %                           11.1 11.3 11.4 12.2 12.1    
Equity (As % Of Loans) %                           15.4 16.3 16.3 17.7 18.2    
Loans (As % Of Deposits) %                           103 95.4 97.2 93.6 89.1    
Loans (As % Assets) %                           72.0 69.7 69.8 69.0 66.3    
NPLs (As % Of Loans) %       ...                   6.93 6.74 5.90 5.49 5.39    
Provisions (As % Of NPLs) %       ... ...                 61.8 63.3 65.5 67.0 68.2    
Provisions (As % Of Loans) %       ... ...                 4.48 4.46 4.02 3.82 3.82    
Cost of Provisions (As % Of Loans) % ...                         1.06 0.764 0.781 0.745 0.616    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                         
Branches ... ... ... ... ... ... ... ... ...         1,319 1,278 1,238 1,192 1,155    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,196 3,206 3,190 3,133    
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 250 259 268 271    
Employees       ... ... ... ... ...           25,927 29,220 25,900 28,443 27,856   ...
Employees Per Bank Branch ... ... ... ... ... ... ... ... ...         19.7 22.9 20.9 23.9 24.1   ...
Cost Per Employee USD per month       ... ... ... ... ...           2,552 2,121 2,258 2,275 2,498   ...
Cost Per Employee (Local Currency) PLN per month       ... ... ... ... ...           8,363 7,890 9,124 8,713 9,044   ...
customer breakdown Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                         
Customers mil ... ... ... ... ... ... ... ... ... ... ...     6.39 6.70 7.03 7.30 7.62    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ...     6.39 6.70 7.03 7.30 7.62    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Payment Cards mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Debit Cards mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Credit Cards mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ...     27,152 29,094 29,154 29,966 31,632    
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ...     100 100 100 100 100    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Debit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Credit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
                                           
Market Value per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...     6,995 5,063 5,004 7,605 6,499    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...     1,946 1,732 1,783 1,871 1,916    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...     512 447 399 462 494    
Loan per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...     28,037 27,758 28,329 28,045 28,197    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...     27,152 29,094 29,154 29,966 31,632    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ...     1,976 1,298 1,197 2,185 1,729    
Revenue per Customer USD ... ... ... ... ... ... ... ... ... ... ...     594 466 441 488 529    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ...     156 120 98.7 121 137    
Loan per Customer USD ... ... ... ... ... ... ... ... ... ... ...     7,919 7,116 6,778 8,056 7,500    
Deposit per Customer USD ... ... ... ... ... ... ... ... ... ... ...     7,670 7,458 6,976 8,608 8,413    

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PKO BP's net interest margin fell 70.0% yoy to 0.753% in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's net interest margin amounted to 0.753% in the third quarter of 2022, down from 3.42% 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 0.753% i...

PKO BP's net profit fell 119% yoy to PLN -238 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP made a net profit of PLN -238 mil in the third quarter of 2022, down 119% when compared to the same period of last year. This implies a return on equity of -3.04%. Historically, the bank’s net profit reached an all time high of PLN 1,415 mil in 1Q2022 and ...

PKO BP's net profit fell 119% yoy to PLN -238 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP made a net profit of PLN -238 mil under revenues of PLN 2,303 mil in the third quarter of 2022, down 119% and 39.1% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of PLN 1,415 mil i...

PKO BP's npls (as % of loans) fell 14.1% yoy to 3.79% in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's non-performing loans reached 3.79% of total loans at the end of 2022-09-30, down from 4.41% compared to the previous year. Historically, the NPL ratio hit an all time high of 15.1% in 2004-03-31 and an all time low of 3.19% in 2007-12-31. Provision...

PKO BP's payment cards rose 6.28% yoy to 10.3 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP has issued total of 10.3 mil payment cards at the end of 2022-09-30, up 1.11% compared to the previous year. Polish banking sector banking sector issued total of 44.2 mil of bank cards in 2022-09-30, up 0.601% when compared to the last year. ...

PKO BP's employees fell 2.01% yoy to 25,164 in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP employed 25,164 persons in 2022-09-30, down 1.33% when compared to the previous year. Historically, the bank's workforce hit an all time high of 33,091 persons in 2006-03-31 and an all time low of 25,164 in 2022-09-30. Average cost reached USD 2,389 per mon...

PKO BP's customer loans rose 2.01% yoy to PLN 234,957 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's customer loans reached PLN 234,957 mil in 2022-09-30, up 0.156% compared to the previous year. Polish banking sector provided customer loans of PLN 1,608 bil in 2022-09-30, up 2.03% when compared to the last year. PKO BP accounted for 15.5% of al...

PKO BP's corporate deposits rose 57.7% yoy to PLN 73,101 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's corporate deposits reached in 2017-12-31, down 0% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 369 bil in 2017-12-31, up 9.42% when compared to the last year. PKO BP accounted for of all corporate depo...

PKO BP's corporate loans rose 19.4% yoy to PLN 76,515 mil in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP's loans reached PLN 244,724 mil in the third quarter of 2022, up from PLN 243,881 mil when compared to the previous quarter and up from PLN 239,592 mil when compared to the same period of last year. Historically, the bank’s loans reached an a...

PKO BP's branches fell 1.42% yoy to 970 in 3Q2022

By Helgi Analytics - March 6, 2023

PKO BP employed 25,164 persons in 2022-09-30, down 1.33% compared to the previous year. Historically, the bank's workforce hit an all time high of 29,220 persons in 2015-12-31 and an all time low of 25,164 in 2022-09-30. The bank operated a network of 970 ...

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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.

PKO BP Logo

Finance

PKO BP has been growing its revenues and asset by 3.23% and 8.45% a year on average in the last 10 years. Its loans and deposits have grown by 5.73% and 7.82% a year during that time and loans to deposits ratio reached 80.8% at the end of 2020. The company achieved an average return on equity of 11.3% in the last decade with net profit growing -1.34% a year on average. In terms of operating efficiency, its cost to income ratio reached 54.1% in 2020, compared to 47.2% average in the last decade.

Equity represented 11.9% of total assets or 19.9% of loans at the end of 2020. PKO BP's non-performing loans were 4.26% of total loans while provisions covered some 86.7% of NPLs at the end of 2020.

Valuation

PKO BP stock traded at per share at the end of 2020 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 8.88% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.4x and price to book value (PBV) of 0.792x in 2020.

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