2022 Annual Report

Business description

2022 Annual Report

The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (PKO Bank Polski S.A. Capital Group or PKO Bank Polski S.A. Group or the Bank’s Group) is one of the largest groups of financial institutions in Poland and in Central and Eastern Europe.

The Parent of the Bank’s Group is Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A. or the Bank). PKO Bank Polski S.A. is the largest commercial bank in Poland and the leading bank on its home market in terms of the scale of operations, equity, loans, savings, number of Customers and size of the distribution network. PKO Bank Polski S.A. is an universal bank that services individuals, legal entities and other Polish and foreign entities.

Apart from strictly banking operations, the PKO Bank Polski S.A. Group also provides services in respect of leases, factoring, investment funds, pension funds and insurance, car fleet management services, transfer agent services, provides technological solutions, outsources IT professionals and supports other entities’ operations, manages properties. The Bank’s Group conducts banking operations and provides financial services outside Poland through its branches in the Federal Republic of Germany (German Branch), the Czech Republic (Czech Branch) and the Slovak Republic (Slovak Branch), as well as through its subsidiaries in Ukraine, Sweden and Ireland.

Bank’s customers
active IKO applications
own outlets

The PKO Bank Polski S.A. Group develops not only in its traditional area of operations, i.e. retail banking. It is also the leader in servicing corporate Customers and companies and enterprises (in particular in respect of financing them), and on the market of financial services for communes (gminy), counties (powiaty), voivodeships and to the budget sector. It is also the major managing underwriter of issues of municipal bonds.

The PKO Bank Polski S.A. Group has the largest share in the Polish banking sector (20.0%), in loans (17.0%), in sales of mortgage loans (20.4%) and the market for investment funds for individuals (20.6%). PKO Bank Polski S.A. is the leader in terms of current accounts and payment cards.

The PKO Bank Polski S.A. Group offers modern and comprehensive services via its digital access channels. Customers use iPKO and IKO as means of modern banking, which extends outside the traditional financial area. PKO Bank Polski S.A., in cooperation with Operator Chmury Krajowej S.A. and other global providers of cloud services, has consistently followed its “path towards the cloud”. The bank develops business operations and supports research and implementation efforts using cutting-edge solutions, including those based on artificial intelligence and advanced data analytics, as well as robotics and automation.

As at the end of 2022, the branch network of PKO Bank Polski S.A. covered 967 own outlets (including branches, offices and centres) and 349 agencies. More than 3,000 ATMs were put at the disposal of PKO Bank Polski S.A. customers.

The PKO Bank Polski S.A. Group is one of the largest and best assessed employers in Poland. As at the end of 2022, the PKO Bank Polski S.A. Group employed over 25 thousand FTEs.

The PKO Bank Polski S.A. Group between 2018 and 2022

2022 2021 2020 2019 2018
Statement of financial position (in PLN million)
Total assets 430,683 418,086 376,966 347,897 324,255
Total equity 35,435 37,693 39,911 41,578 39,101
Own funds 40,723 42,112 41,516 42,330 37,850
Financing granted to customers 246,383 247,572 235,727 244,083 230,438
Customer deposits 339,582 322,296 282,356 256,170 238,723
Net profit/loss 3,333 4,874 -2,557 4,031 3,741
Financial ratios
Net ROA 0.8% 1.2% -0.7% 1.2% 1.2%
Net ROE 9.7% 12.1% -6.0% 10.0% 10.0%
Net ROTE 10.8% 13.2% -6.5% 10.9% 11.0%
C/I1) 45.3% 40.4% 40.9% 41.3% 44.2%
Interest margin2) 3.9% 2.7% 3.0% 3.4% 3.4%
Share of impaired exposures 3.80% 3.98% 4.43% 4.26% 4.87%
Cost of credit risk 0.53% 0.55% 0.78% 0.46% 0.59%
Total capital ratio 17.78% 18.73% 18.18% 19.88% 18.88%
Operational data
Number of customers of PKO Bank Polski S.A. (K), including: 11,666 11,120 11,006 10,933 10,653
Individuals (K) 11,071 10,541 10,463 10,427 10,179
Companies and enterprises (K) 578 563 526 491 459
Corporate Customers (K) 18 17 16 16 15
Number of branches of PKO Bank Polski S.A. 967 975 1,004 1,115 1,155
Number of employees (in FTEs) 25,071 25,657 25,859 27,708 27,856
Number of current accounts with the Bank (K) 9,049 8,490 8,257 8,012 7,697
Information on shares
Stock exchange capitalization (in PLN million) 37,863 56,163 35,900 43,075 49,338
Number of shares (in million) 1,250 1,250 1,250 1,250 1,250
Share price (in PLN) 30.29 44.93 28.72 34.46 39.47
Dividend per share (in PLN) (paid in the current year from profit for the preceding years) 1.83 0.00 0.00 1.33 0.55
1) Data for 2020-2018 does not take into account presentation changes made in 2022 and 2020 which could have had an impact on the amount of the result on business activities and operating expenses
2) The interest margin in 2022 was calculated excluding the impact of the recognition in the third quarter of 2022 of the effects of the Act on crowdfunding for business ventures and assistance for borrowers (so-called statutory credit holidays) of PLN 3,111 million.

Who we are - our mission

We have been supplying financial solutions to our customers for 100 years now so we understand the needs of the Poles and Polish businesses. We change consistently, invest in development and implement new technologies responsibly in order to enable our customers to manage their finances anywhere they are and any time they wish to.

We are proud of our history and our Polish roots. We still want to exert a positive influence on Poland – the people, businesses, culture and the environment. Being one of the biggest banks in Central and Eastern Europe, we take responsible care of the interests of our shareholders, customers, employees and local communities.


The PKO Bank Polski S.A. Group has been offering services to its retail and institutional Customers for more than 100 years.

The main events in the history of the Bank and the Bank’s Group.

  1. Pocztowa Kasa Oszczędności was established on 7 February 1919 by virtue of a decree signed by the Head of the country, Józef Piłsudski, Prime Minister Ignacy Paderewski and Hubert Linde – PKO’s founder and first president.
  2. Pocztowa Kasa Oszczędności was vested with legal personality as a state institution, operating under the supervision of and with the guarantee of the State.
  3. The first local branch of Pocztowa Kasa Oszczędności was opened in Poznań.
  4. Pocztowa Kasa Oszczędności began running School Savings Unions (Szkolne Kasy Oszczędności).
  5. On the initiative of Pocztowa Kasa Oszczędności, the Ministry of the Treasury decided to set up Bank Polska Kasa Opieki (today Pekao S.A.) as a joint-stock company to facilitate the transfer of foreign currencies to Poland by Poles living abroad.
  6. Pocztowa Kasa Oszczędności strongly contributed to the development of non-cash transactions – every other larger industrial plant and every large enterprise had a cheque account with Pocztowa Kasa Oszczędności, and the cheque turnover in Poland was one and a half times higher than the cash turnover.

The Second World War was a period in which Pocztowa Kasa Oszczędności’s activity came to a standstill and it suffered huge losses.

  1. Pocztowa Kasa Oszczędności was transformed into Powszechna Kasa Oszczędności.
  2. The Banking Law Act introduced a privilege for saving deposits held in Powszechna Kasa Oszczędności; they were covered by a State guarantee.
  3. Powszechna Kasa Oszczędności introduced a modern product: a current account.
  4. In the years 1975–1987, Powszechna Kasa Oszczędności was merged into the structures of the National Bank of Poland (NBP), yet it retained its identity
  1. The first Internet information portal of the Bank and the first e-PKO Internet branch were launched.
  2. PKO Towarzystwo Funduszy Inwestycyjnych S.A. (PKO TFI S.A.) began its operations.
  3. PKO BP BANKOWY PTE S.A. was formed.
  4. Bankowy Fundusz Leasingowy S.A. (currently PKO Leasing S.A.) was formed which provides operating and finance leases of non-current assets and property.
  5. PKO BP, as one of the founders, formed Centrum Elektronicznych Usług Płatniczych eService S.A. (currently CEUP eService sp. z o.o.).
  6. In 2000, the Bank was transformed into a joint-stock company fully-owned by the State Treasury under the name Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A.).
  1. The Bank acquired Inteligo Financial Services S.A., a company that provides services covering the maintenance and development of banking systems, also including electronic access to bank accounts (Inteligo account).
  2. The Bank acquired 66.65% shares in KREDOBANK S.A. The company is registered and operates in Ukraine. At present, the Bank holds 100% of shares in the company’s share capital.
  3. In 2004, PKO Bank Polski S.A. was floated on the WSE. At the end of the first day of quotations, shares reached a price of PLN 24.50 against the issue price fixed at PLN 20.50.
  4. PKO BP Faktoring S.A. (currently PKO Faktoring S.A.) began operating.
  1. 2013–2015 strategy: “PKO Bank Polski. Every day the best” strengthened the position of the Bank’s Group as a leader in key market segments.
  2. In 2013, PKO Bank Polski S.A. set a new standard of mobile payments – IKO. The innovative solution on the market of mobile payments was used to create the BLIK payment system in 2015. BLIK became the Polish market standard.
  3. PKO Bank Polski S.A. signed an agreement for a twenty-year strategic alliance in the electronic payment market with EVO Payments International Acquisition GmbH, and at the same time sold a significant portion of shares in CEUP eService sp. z o.o.
  4. PKO Bank Hipoteczny S.A. was formed. Its operations include issuing long-term mortgage covered bonds and granting long-term mortgage loans to retail Customers.
  5. PKO Bank Polski S.A. acquired shares in the Nordea Group companies, including shares in Nordea Bank Polska S.A., and a portfolio of amounts due from corporate Customers. In October 2014, the merger of the banks was carried out.
  6. PKO Towarzystwo Ubezpieczeń S.A. was formed. The Company provides property insurance services to the retail Customers of PKO Bank Polski S.A.
  7. PKO Bank Polski S.A. started its expansion into foreign markets and established its first foreign branch abroad (in Frankfurt-am-Main in the Federal Republic of Germany).
  1. PKO Bank Polski S.A. was implementing the strategy for 2016-2020 “We support the development of Poland and the Poles” and strategy for 2020-2022 “PKO Bank of the Future”.
  2. PKO Leasing S.A. – the Bank’s subsidiary – acquired Raiffeisen-Leasing Polska S.A. and Prime Car Management S.A. (with their subsidiaries). This allowed PKO Leasing S.A. to strengthen its position on the lease market, as well as to extend its offer of car fleet management services and rental of cars.
  3. The Bank’s Group acquired KBC TFI S.A. and the merger with PKO TFI S.A. helped additionally accelerate the rapid development of PKO TFI S.A., and strengthened its leading position in the retail funds segment.
  4. The Bank’s portfolio of investment projects expanded by Operator Chmury Krajowej sp. z o.o. (cloud computing services), which was joined by another shareholder – Polski Fundusz Rozwoju S.A.
  5. The Bank established an investment fund managed by PKO TFI S.A. under the business name PKO VC, which pursues an appropriate policy for a venture capital funds and invests in financial technological innovations.
  6. PKO Bank Polski S.A. continued its development abroad and established a corporate department in Prague (the Czech Republic) and in Bratislava (the Slovak Republic).
  7. According to the Inteliace Research report, PKO Bank Polski S.A. was the largest bank in the CEE region in terms of assets in 2020

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