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Integrated Report 2024

Structure of the consolidated statement of financial position – short form

  • Structure of the consolidated statement of financial position – short form

The balance sheet of Bank Pekao S.A. determines the amount of total assets in balance sheet and the structure of the assets and liabilities of the Group. As at the end of December 2024, the total assets of Bank Pekao S.A. constitutes 95.5% of the total assets of the whole Group.

The table below presents the Group’s statement of financial position – short form.

Assets 31.12.2024 31.12.2023 change
PLN million structure PLN million structure
Cash and cash equivalents (*) 14,269 4.3% 14,715 4.8% (3.0%)
Loans and advances to banks (**) 172 0.1% 173 0.1% (0.6%)
Loans and advances to customers (***) 182,158 54.5% 171,140 56.0% 6.4%
Reverse repo transactions 4,685 1.4% 1,703 0.6% > 100%
Securities (****)                             119,772 35.8% 99,962 32.7% 19.8%
Investments in associates 59 0.0% 54 0.0% 9.3%
Property, plant and equipment and intangible assets 4,573 1.4% 4,341 1.4% 5.3%
Other assets 8,554 2.6% 13,701 4.5% (37.6%)
Total assets                334,242 100.0% 305,789 100.0% 9.3%
(*) Cash and cash equivalents include cash in hand, amounts due from the National Bank of Poland, as well as amounts due from banks with a maturity of up to 3 months
(**) Including net investments in financial leases to banks.
(***) Including net investments in financial leases to customers and non-treasury debt securities.
(****) Including financial assets held for trading. other financial instruments at fair value through profit and loss and excluding non-treasury debt securities
31.12.2024 31.12.2023 CHANGE
PLN million STRUKTURE PLN million STRUKTURE
Amounts due to other banks 7,344 2.2% 7,597 2.5% (3.3%)
Amounts due to customers 259,034 77.5% 232,078 75.9% 11.6%
Debt securities issued 16,167 4.8% 9,958 3.3% 62.4%
Subordinated liabilities 2,782 0.8% 2,781 0.9% 0.0%
Repo transactions 1,000 0.3% 1,649 0.5% (39.4%)
Lease liabilities 707 0.2% 579 0.2% 22.1%
Other liabilities 15,294 4.6% 20,719 6.8% (26.2%)
Total equity including 31,914 9.5% 30,428 10.0% 4.9%
non-controlling interests 13 0.0% 12 0.0% 8.3%
Total liabilities  334,242 100.0% 305,789 100.0% 9.3%

Assets

Changes in the structure of assets

Loans and advances to customers and securities represent items of the largest value under assets. As at the end of 2024, they accounted for 54.5% and 35.8% of the total assets respectively in comparison with 56.0% and 32.7% respectively as at the end of 2023.

Customers’ Financing

  31.12.2024 31.12.2023 CHANGE
Loans and advances at nominal value (*) 186,507 176,350 5.8%
Loans and investments in financial leases 174,800 165,102 5.9%
Retail 83,768 78,375 6.9%
Corporate 91,032 86,727 5.0%
Non-treasury debt securities 11,707 11,248 4.1%
Other (**) 1,631 1,144 42.6%
Impairment allowances (5,980) (6,354) (5.9%)
Total net receivables 182,158 171,140 6.4%
Reverse repo transactions 4,673 1,698 >100%
Total Customers’ financing (***) 191,180 178,048 7.4%
(*) Excluding reverse repo transactions.
(**) Including interest and receivables in transit.
(***) Total customers’ financing includes loans and advances at nominal value. securities issued by non-monetary entities and reverse repo transactions.

As at the end of December 2024, loans and advances at nominal value amounted to PLN 186,507 million and were higher by PLN 10,157 million, i.e. 5.8% than at the end of December 2023.

As at the end of December 2024 the volume of retail loans amounted to PLN 83,768 million and were higher by PLN 5,393 million, i.e. 6.9% than at the end of December 2023.

Corporate loans including non-treasury debt securities at the end of December 2024 amounted to PLN 102,739 million and were higher by PLN 4.764 million, i.e. 4.9% compared to the end of December 2023.

  31.12.2024 31.12.2023 CHANGE
Gross receivables 188,138 177,494 6.0%
Stage 1 160,546 151,877 5.7%
Stage 2 19,179 17,636 8.8%
Stage 3 8,413 7,981 5.4%
Impairment allowances (5,980) (6,354) (5.9%)
Stage 1 (676) (838) (19.3%)
Stage 2 (864) (871) (0.8%)
Stage 3 (4,440) (4,645) (4.4%)
Total net receivables 182,158 171,140 6.4%
(*) Including net investments in financial leases to customers. non-treasury debt securities. interest and receivables in transit and excluding reverse repo transactions.

As at the end of December 2024 the ratio of impaired receivables (stage 3) to the gross receivables amounted to 4.5%.

  31.12.2024   31.12.2023 change
PLN million structure PLN million structure
Denominated in PLN 152,418 81.0% 143,203 80.7% 6.4%
Denominated in foreign currencies (**) 35,720 19.0% 34,291 19.3% 4.2%
Total 188,138 100.0% 177,494 100.0% 6.0%
Impairment allowances (5,980)  x (6,354)  x (5.9%)
Total net 182,158 x 171,140 x 6.4%
(*) Including net investments in financial leases to customers. non-treasury debt securities. interest and receivables in transit and excluding reverse repo transactions.
(**) Including indexed loans.

The currency structure of loans and advances to customers is dominated by amounts expressed in the Polish złoty, as at the end of December 2024 their share was 81.0%. The largest portion of foreign currency loans and advances to customers were represented by those denominated in EUR (92.4%), CHF (0.9%) oraz USD (5.2%).

  31.12.2024   31.12.2023 change
PLN million structure PLN million structure
Current and up to 1 month 22,502 12.0% 19,739 11.1% 14.0%
1 to 3 months 7,385 3.9% 9,100 5.1% (18.8%)
3 months to 1 year 19,328 10.3% 18,495 10.4% 4.5%
1 to 5 years 62,143 33.0% 58,028 32.7% 7.1%
Over 5 years 71,616 38.1% 66,967 37.7% 6.9%
Past due 3,533 1.9% 4,021 2.3% (12.1%)
Other 1,631 0.9% 1,144 0.6% 42.6%
Total 188,138 100.0% 177,494 100.0% 6.0%
Impairment allowances (5,980) x (6,354) x (5.9%)
Total net 182,158 x 171,140 x 6.4%
(*) Including net investments in financial leases to customers. non-treasury debt securities. interest and receivables in transit and excluding reverse repo transactions.

As at the end of December  2024 loans and advances with maturity over 5 years represents 38.1% of total loans and advances (mainly attributed to mortgage loans, investment loans and non-treasury debt securities).

Information on loan concentration is included in the Note no 22 to the Consolidated Financial Statements of Bank Pekao S.A. Group for the year ended on 31 December 2024.

Liabilities

Changes in the structure of liabilities

Amounts due to customers were the main item under the Group’s liabilities and equity. As at the end of 2024, amounts due to customers, debt securities issued and subordinated liabilities totaled PLN 277,983 million, and their share in the total assets was 83.2%, compared with 80.1% as at the end of 2023. The share of total shareholder’s equity in the total assets was 9.5% as at the end of 2024, compared with 10.0% as at the end of 2023.

  31.12.2024 31.12.2023 CHANGE
Amounts due to other banks 7,344 7,597 (3.3%)
Amounts due to customers 259,034 232,078 11.6%
Debt securities issued 16,167 9,958 62.4%
Subordinated liabilities 2,782 2,781 0.0%
Repo transactions 1,000 1,649 (39.4%)
Total external sources of financing 286,327 254,063 12.7%

The deposit base is widely diversified and is sourced from retail and corporate customers. In addition, the Group uses also funds borrowed on the interbank market. The Group is not dependent on any single customer nor group of customers.

  31.12.2024 31.12.2023 CHANGE
Corporate deposits 109,183 100,005 9.2%
Non-financial entities 79,810 76,394 4.5%
Non-banking financial entities 9,259 6,337 46.1%
Budget entities 20,114 17,274 16.4%
Retail deposits 148,844 130,964 13.7%
Other (*) 1,007 1,109 (9.2%)
Amounts due to customers(**) 259,034 232,078 11.6%
Debt securities issued of which 18,949 12,739 48.7%
Senior bonds 6,456 4,014 60.8%
Subordinated bonds 2,750 2,750 0.0%
Pekao Bank Hipoteczny S.A. covered bonds 1,428 1,042 37.0%
Pekao Bank Hipoteczny S.A. bonds 565 270 > 100%
Pekao Leasing Sp. z o.o. bonds 3,490 2,244 55.5%
Pekao Faktoring Sp. z o.o. bonds 4,119 2,286 80.2%
Interest 141 133 6.0%
Amounts due to customers and debt securities issued (**) 277,983 244,817 13.5%
Lease liabilities 707 579 22.2%
Repo transactions 1,000 1,649 (39.4%)
Amounts due to customers and debt securities issued total (***) 279,690 247,045 13.2%
       
Investment funds of Pekao TFI S.A. (ex. Pioneer Pekao TFI) 32,189 24,228 32.9%
Bond and money market funds 23,363 16,753 39.5%
Balanced funds 5,055 4,221 19.8%
Equity funds 2,131 2,102 1.4%
PPK 1,640 1,152 42.3%
including distributed through the Group’s network 28,308 20,921 35.3%
(*) Other item includes interest and funds in transit.
(**) Excluding repo transactions and lease liabilities.
(***) Including repo transactions and lease liabilities.

As at the end of December 2024 amounts due to the Group’s Customers and Debt securities issued amounted to PLN 277,983 million and were higher by PLN 33,166 million, i.e. 13.5% than at the end of December 2023.

The total volume of Retail deposits, Structured Certificates of Deposit and other amounted to PLN 149,710 million at the end of December 2024 an increase by PLN 17,798 million, i.e. 13.5% compared to the end of December 2023.

As at the end of December 2024 the total volume of Corporate deposits, Senior bonds, 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 128,273 million and were higher by PLN 15,368 million, i.e. 13.6% compared to the end of December 2023.

The value of net assets of investment funds managed by Pekao TFI S.A. amounted to PLN 32,189 million and was higher by PLN 7,961 million, i.e. 32.9% compared to the end of December 2023.

  31.12.2024   31.12.2023 change
PLN million structure PLN million structure
Denominated in PLN 215,937 83.4% 190,457 82.1% 13.4%
Denominated in foreign currencies 43,097 16.6% 41,621 17.9% 3.5%
Total 259,034 100.0% 232,078 100.0% 11.6%
(*) Including interest and amounts due in transit and excluding repo transactions and lease liabilities.

The bulk of the amounts due to customers are denominated in the Polish currency and its share as at the end of December 2024 amounted to 83.4%. The majority of amounts due to customers denominated in foreign currencies were in EUR (64.6%) and USD (29.3%).

  31.12.2024   31.12.2023 change
PLN million structure PLN million structure
Current accounts and overnight deposits 186,918 72.4% 170,978 74.0% 9.3%
Term deposits 71,109 27.6% 59,991 26.0% 18.5%
Total deposits 258,027 100.0% 230,969 100.0% 11.7%
Interest accrued 638 x 633 x 0.8%
Funds in transit 369 x 476 x (22.5%)
Total 259,034 x 232,078 x 11.6%
(*) Excluding repo transactions and lease liabilities.
  31.12.2024 31.12.2023 CHANGE
Total provisions 2,310 1,956 18.1%
provisions for off-balance sheet commitments 477 504 (5.2%)
provisions for liabilities to employees 313 293 6.6%
other provisions 1,520 1,159 31.1%
Deferred tax liabilities 18 21 (12.7%)
Deferred tax assets 1,343 1,102 21.8%
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