Annual report 2021

Annual report of the Bank Pekao S.A. Group for the year 2021

We have successfully benefit from economic recovery to dynamic improvement of our financial results

Net profit was almost twice as high comparing to the previous and it exceeded pre-COVID levels

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Strong position of MID & SME portfolio

We have achieved strong +24% y/y growth of combined MID & SME portfolio (enterprise loan book)

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Two new bank strategies

In March 2021, Pekao Bank announced a new Strategy for 2021-2024: “Responsible Bank. Modern Banking”. As its fourth pillar extention, the complementary ESG Strategy "Responsible Bank Supporting Sustainable Development" was introduced

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Summary of 2021

We can consider the past year successful for the Polish economy, the banking sector and for Bank Pekao.

It was a period of gradual recovery of the Polish economy from the Covid-19 pandemic in economic and social terms. We increased the scale of our operations by about 10%, at the same time accelerating the acquisition of new customers.


President of the Management Board of Bank Pekao S.A.

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Bank Pekao S.A.

Key results

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Pekao group net profit

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Operating income

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Net interest income

Net profit returned to pre-Pandemic COVID-19 levels. RoE in 2021 at 9%.

The increase in net income in 2021 was made possible by: a significant improvement in net interest income, solid growth in commission income, responsible risk management and a decline in risk costs, lower BGF fees, and RoE of 8.7%.

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In 2021, the Group’s operating income amounted to PLN 8,522.2 million

was higher by 9.3% in comparison to 2020, thanks to both net interest income and net fee and commission income.

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New current accounts - individual customers

Economic environment in 2021 was very favorable for the banking sector. A significant recovery in loan demand was visible

In the segment of loans to households, the demand for mortgage loans was particularly strong, while the volumes of consumer loans were characterized by lower growth dynamics. Corporate loans also grew, with particular emphasis on loans for small and medium-sized enterprises.

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The total volume of retail deposits, Structured Certificates of Deposit and other amounted to PLN 116,774.2 million as at the end of December 2021, an increase of PLN 10,196.3 million, i.e. 9.6% in comparison to the end of December 2020 and they increased their share in the structure of financing.

The total volume of corporate deposits, Subordinated bonds, Pekao Bank Hipoteczny S.A. covered bonds and bonds, Pekao Leasing Sp. z o.o. bonds, Pekao Faktoring Sp. z o.o. bonds interest and other amounted to PLN 86,146.6 million as at the end December 2021, an increase of PLN 6,074.7 million, i.e. 7.6% as compared to the end of December 2020.


Bank that supports sustainable development. ESG


The Bank will put the customer and their needs at the centre of all its activities, and therefore intends to intensively develop digital channels and fast and convenient service processes.


Bank Pekao will strive to enable retail clients to handle almost any matter online. A digitization rate of nearly 100 percent is one of the key strategic aspirations. The PeoPay mobile application will be the main channel of contact with the client.

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The bank will focus on business growth in the most profitable market segments, product groups and areas of untapped potential.

I.e. consumer finance, micro-enterprises, SMEs and MID enterprises (medium-sized enterprises). Over the next four years, Pekao wants to acquire more than 400,000 individual customers every year and increase its share in the cash loan market from 7 percent to 10 percent. By 2024, the demographic structure of the retail customer base is expected to rejuvenate over 600,000 customers under the age of 26.

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The bank will focus on technological transformation and improving the efficiency of operations, accelerate digitization and migration of processes to remote channels, and optimize credit processes.

The driving force behind the transformation and execution of the strategy will be IT – flexible and able to respond quickly to the needs of the bank’s operating units and customers in changing market conditions.

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Bank Pekao wants to support economic development by focusing on distributing government and EU economic recovery and climate transformation programmes to its customers

At the same time, the very commercial and operating activities of the Bank will be more based on the factors of sustainable development. Pekao wants to maintain a safe risk profile in the changing market environment and have one of the lowest risk costs among the largest banks.

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Bank supports sustainable development

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Financing sustainable projects in 2021

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Supporting the issuance of clients' ESG bonds in 2021


Number of low-emission cars put into service by 2020/2021

In 2021, the Express Loan was available for customers of Bank Pekao for environmental purposes.

E.g. for renewable energy sources, the purchase of central heating boilers, windows, doors or home insulation materials.

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For many years, we have been consistently involved in the protection of Polish bison.

We care for the protection of the largest free-living herd of bison in the world, inhabiting the areas of the Białowieża Forest. We also co-finance scientific and educational projects in institutions such as the Białowieża National Park, the Warsaw Zoological Garden „Panda”, the Pszczyna Region Development and Promotion Agency, or the European Bison Friends Association


actions organized with the Bank's support


employees involved in volunteering

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The amount donated to the Pekao Foundation

The Bank’s main mobile banking tool, the PeoPay application

offers a number of innovative solutions. They guarantee customers full availability of services, greater range of orders, automation of recurring payments, instant authorization of transactions.

Pekao Bank’s Energy Saving Loan

The offer was the result of cooperation between Bank Pekao, the EIB and the Marshal’s Office of the Kuyavian-Pomeranian Voivodeship. As part of the Energy Saving Loan, it was possible to obtain funds for the replacement of machines and devices with more energy-efficient ones.

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Employment in the Group as of 31.12.2021


Number of trade union organizations operating at Bank Pekao

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training hours organized by the Pekao Group

The Pekao Group operates in accordance with applicable law and market standards, and promotes ethical behavior in business, i.e. acting based on the adopted values and principles.

The Code of Conduct of the Pekao Group includes the most important principles that should be followed by all employees of the Pekao Group, regardless of their position or basis of employment.

The Pekao Group is the employer of first choice

It recruits the best candidates for work, and provides employees with working conditions conducive to increasing motivation, satisfaction and their commitment. An important goal of the Bank’s personnel policy is to invest in the development of skills of all employees. The priority of development programs at the Bank is to identify, review, verify and develop current and future leaders.

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