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Integrated Report 2024

Separate Statement of Financial Position and Financial Results

Separate income statement containing cumulated items for the period from 1 January to 31 December, 2024 and 2023 respectively is presented in the Separate Financial Statements of Bank Pekao S.A. for the period ended on 31 December 2024.

Below presented statement of financial position in a short form and income statement in a presentation form as well as the key, selected items from these statements are discussed.

The Separate income statement – presentation form

In 2024, Net profit of the Bank Pekao S.A, we generated in the amount of PLN 6,425 million. This result is nominally lower by PLN 374 million than the result achieved in 2023, mainly due to higher costs of legal risk of foreign currency mortgage loans, higher operating costs and the recognition of costs related to the modification of PLN mortgage loan agreements granted to consumers due to their suspension of loan repayments (credit holidays).

Net profit excluding the cost of credit holidays and the costs of legal risk of foreign currency mortgage loans amounted to PLN 7,164 million and was 3.7% higher y/y.

  2024 2023 Change
Net interest income 12,351 11,559 6.9%
Net fee and commission income 2,298 2,346 (2.0%)
Dividend,income 231 268 (13.8%)
Trading result 426 502 (15.1%)
Net other operating income and expenses (16) (18) (11.1%)
Net non-interest income 2,939 3,098 (5.1%)
Operating income 15,290 14,657 4.3%
Operating costs (4,794) (4,230) 13.3%
Gross operating profit 10,496 10,427 0.7%
Net allowances for expected credit losses (638) (524) 21.8%
Costs of legal risk of foreign currency mortgage loans (618) (193) > 100%
Net operating profit 9,240 9,710 (4.8%)
Contributions to the Bank Guarantee Fund (237) (188) 26.1%
Tax on certain financial institutions (898) (879) 2.2%
Profit before tax 8,105 8,643 (6.2%)
Income tax expense (1,680) (1,844) (8.9%)
Net profit 6,425 6,799 (5.5%)

In 2024, the operating income amounted to PLN 15,290 million and was higher by 4.3% in comparison with 2023, mainly due to net interest income despite the inclusion of credit holiday costs.

  2024 2023 Change
Interest income and similar to interest 17,708 17,098 3.6%
Interest expense (5,357) (5,539) (3.3%)
Net interest income 12,351 11,559 6.9%

Net interest income in 2024, amounted to PLN 12,351, million and was higher by PLN 792 million, i.e. 6.9% compared to the result achieved in 2023 mainly due to higher volumes and a stable interest margin, despite the recognition of credit holiday costs in the amount of PLN 150 million.

In 2024, the interest income and similar amounted to PLN 17,708 million and was higher by PLN 610 million y/y, thanks to higher volumes, despite lower interest rates and taking into account the costs of credit holidays in the amount of PLN 150 million.

In 2024, the interest expense amounted amounted to PLN 5,357 million and were higher by PLN 182 million y/y despite higher volumes of liabilities to customers and from the issuance of debt securities.

The interest margin achieved in 2024 amounted to 4.28% and was higher by 0,05 p.p. than the margin achieved in the 2023, despite lower interest rates.

  2024 2023 Change
Fee and commission income 3,244 3,196 1.5%
Fee and commission expense (946) (850) 11.3%
Net fee and commission income 2,298 2,346 (2.0%)
Dividend income 231 268 (13.8%)
Trading result 426 502 (15.1%)
Net other operating income and expense (16) (18) (11.1%)
Net non-interest income 2,939 3,098 (5.1%)

The non-interest income in 2024 amounted to PLN 2,939 million and was lower by PLN 159 million, i.e. 5.1% compared to the result achieved last year, due to the lower valuation of derivative instruments and lower net fee and commission income.

The table below presents the Bank’s net fee and commission income divided according to the main areas of the activity.

  2024 2023 Change
Net fee and commission income 2,298 2,346 (2.0%)
on loans 523 510 2.4%
on cards 308 361 (14.5%)
on mutual funds 117 99 18.4%
on brokerage activate 141 145 (2.9%)
on margins on foreign exchange transactions with clients 707 723 (2.2%)
other 502 508 (1.2%)

In 2024, operating costs amounted to PLN 4,794 million and were higher by PLN 564 million, i.e. 13.3% compared to the 2023, mainly due to inflation indexation of salaries and the variable part of personnel costs related to the profit and the reserve created for the voluntary redundancy program.

  2024 2023 Change
Personnel expenses (2,889) (2,409) 19.9%
General administrative expenses and depreciation (1,905) (1,821) 4.6%
Operating costs (4,794) (4,230) 13.3%

The cost/income ratio in 2024 was 31.4% compared to 28.9% in 2023.

Bank Guarantee Fund fee in the 2024, amounted to PLN 237 million, and were higher by PLN 49 million, i.e. 26.1% in comparison with of 2023.

Tax on certain financial institutions in 2024 amounted to PLN 898 million and was higher by PLN 19 million, i.e. 2.2% compared to 2023, due to an increase in Bank’s assets.

  2024 2023 Change
financial assets measured at amortized cost (686) (417) 64.5%
financial assets measured at fair value through other comprehensive income 20 6 > 100%
financial liabilities measured at amortized cost 28 (113) x
Net allowances for expected credit losses (638) (524) 21.8%
Costs of legal risk of foreign currency mortgage loans (618) (193) > 100%

The ne allowances for expected credit losses in the 2024 amounted to PLN 638 million and was higher by PLN 114 million, i.e. 21.8% than in the 2023.

The Bank’s cost of risk in 2024 amounted to 0.38%, which is 0.06 p.p. higher than the previous year and is in line with the strategic assumptions and the adopted risk appetite.

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