2022 Annual Report

Operating segments

2022 Annual Report

The PKO Bank Polski S.A. Group conducts business activities in segments adapted in terms of products and services to specific groups of customers. The manner in which the business segments are divided is consistent with the sales management model and a comprehensive product mix. Currently, the Bank’s Group conducts its business activities in the retail segment as well as in the corporate and investment segments.

Retail segment
Number of customers
PLN billion
Financing granted
PLN billion
Savings volume

The retail segment offers a full range of banking products and services to individuals as part of retail and private banking, as well as mortgage banking. In addition, it includes transactions with companies and enterprises, developers, cooperatives and property managers. The products and services offered in this segment include, among other things: current accounts, savings accounts, term deposits, private banking services, investment and insurance products, investment funds, credit and debit cards, electronic and mobile banking services, consumer and housing loans, business loans, leases and factoring.

Corporate and investment segment
Number of customers
PLN billion
Financing granted
PLN billion
Savings volume

The corporate and investment segment comprises transactions concluded with corporate customers, local governments and financial institutions. Products and services in this segment include: transaction banking (including account management), deposit products and other liquidity management products, trade finance, treasury products, loan-like products for financing day-to-day and investment needs (including leases and factoring). The segment also includes brokerage activities and the Bank’s own liquidity management and investment activities.

Retail segment

The offer of the PKO Bank Polski S.A. Group for individuals covers a wide range of credit, deposit and insurance products, as well as electronic banking services.

In 2022 in the retail segment the PKO Bank Polski S.A. Group built strong and long-term relations with customers, among other things by making available a maximum number of processes remotely. It focused on developing tools and access channels to enable customers to easily manage their finances from any place and at any time.

Individuals can take advantage of consumer loans in the form of cash advances, mortgage loans, revolving loans, credit cards and housing loans. Investment and investor loans, revolving loans, leases and factoring are available to companies and enterprises.

The deposit and investment offer comprises, among other things, regular saving products, term deposits, investment products of PKO TFI S.A., and Treasury savings bonds.

The Bank Group’s offer provides insurance services, both those related and not linked directly to bank products, to all customers in the retail segment. Insurance linked to Bank products is offered to Customers in connection with, among other things, consumer loans and mortgage loans, checking accounts and bank cards. The offer of insurance independent of Bank products includes, among other things, life insurance, insurance of real estate, travel, motor and the OnkoPlan oncological insurance policy, and insurance of leased assets.

As at the end of 2022 the Retail Segment serviced more than 11.6 million customers, including:

  • almost 11.1 million individuals, including 16.7 thousand of Private Banking customers;
  • nearly 0.6 million companies and enterprises.

Since the beginning of 2022, the number of customers serviced in the retail segment increased by more than 545 thousand.

As at the end of 2022:

  • total financing for retail segment customers exceeded PLN 173 billion and decreased during 2022 by nearly PLN 9.8 billion (i.e. 5.3%). This was mainly due to a decline in the mortgage banking portfolio (PLN -10.0 billion), with the level of decline significantly affected by adjustments related to the statutory credit holiday and legal risk of foreign currency mortgage loans. In 2022, financing of companies and enterprises increased (PLN +0.4 billion);
  • retail savings amounted to PLN 395 billion and went up by PLN 40.0 billion (i.e. 11.3%) in 2022. This was driven by an increase in Treasury savings bonds (PLN +27.6 billion) and in retail and private banking deposits (PLN +18.1 billion).

The Bank reinforced its position as market leader in terms of the number of checking accounts maintained (ROR). This number amounted to more than 9.0 million and went up by more than 559 thousand during the year. It covers all active accounts, which constitutes growth potential for further cooperation with customers.

In 2022, the Bank’s Group sold a record-breaking nearly 565 million Treasury savings bonds (i.e., more than 130% more than in 2021), and the outstanding balance of Treasury savings bonds issued to the domestic market amounted (at face value) to more than PLN 82 billion, nearly 51% higher than at the end of 2021.

* number of all active accounts with a potential for growth of cooperation with the customer

* nominal value of savings bonds; source: Brokerage Office of PKO Bank Polski S.A.

In 2022, the Bank’s Group granted housing loans to individuals with a total value of more than PLN 8.8 billion, which – despite a decline in sales – helped maintain its leading position in the market with a share of nearly 20.4% throughout 2022 (a 0.6 p.p. increase in share).

* source: ZBP, sale of PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A.

In 2022, the share of fixed-rate loans in new sales (granted by PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A.) reached 63.9%, and their total share in the portfolio of PLN mortgage loans increased to 17.9% as at 31 December 2022 (compared to 2.5% as at the end of 2021). The number of annexes signed to mortgage loan agreements (annexes include the conversion of existing variable-rate loans to fixed-rate loans) in 2022 amounted to more than 38.3 thousand.

Activities in 2022

The PKO Bank Polski S.A. Group, operating in an environment of persistently high inflation and high interest rates, increased the attractiveness of its deposit offering – in 2022 it introduced new products and raised interest rates on the existing ones.

In 2022, PKO Bank Polski S.A. for individual customers (natural persons) in particular:

  • raised interest rates and expanded its offerings:
    • the deposit for new funds – a maximum of 5% for a period of three months and 6.5% for a period of 12 months;
    • term deposit – as at the end of December, deposits were available at the Bank’s outlets and remote channels for 3, 6, 12 months with interest rates of up to 4%;
  • introduced new products:
    • „Good Morning Deposit” for new customers with an interest rate of 8%, on a 3-month renewable deposit available on the IKO app;
    • USD term deposit offered to Private Banking customers with an interest rate of 1% on a 12-month revolving deposit; the deposit can be opened in branches, iPKO website and via the Bank’s call center;
    • a progressive deposit for a period of 18 months, where the interest rate changed every 6 months and stood at 3% 6% and 9% in subsequent savings periods;
    • a deposit under the Specialized Investment Program „Autolokacja III” offered jointly with PKO Towarzystwo Funduszy Inwestycyjnych S.A – with an interest rate of 8% for a period of 6 months.
  • Customers were also able to take advantage of the offering for:
    • the mobile deposit – interest rate of6% for a period of 3 months;
    • the 60+ offered to customers over 60 years of age – interest rate of 6% for a period of 24

In 2022, individual customers could also benefit from:

  • Increased standard interest rate on Savings Accounts of up to 2%;
  • promotion for new funds in the Plus Savings Account – in the fourth quarter the interest rate was 5% for 57 days;
  • increased interest rate on the First Savings Account (an account for people under the age of 18) to 8% per annum with systematic saving.

For companies and enterprises, the Bank:

  • reinstated standard deposits and raised their interest rates; as at the end of December, the interest rates on deposits were as follows: a 1-month deposit – 5%, a 3-month deposit – 2%, a 6-month deposit – 3% and an annual deposit – 4%, and the minimum deposit threshold was lowered to PLN 2 thousand;
  • introduced a progressive deposit for new funds for a period of 12 months, with interest rates that change every 4 months and stand at 2%, 4% and 7% in subsequent savings periods.

The interest rates listed above are per annum.

In 2022, the PKO Bank Polski S.A. Group:

  • with regard to housing loans (in addition to the activities described in Chapter 1 Borrower support):
    • extended the offer of a “green mortgage” to 30 September 2023; based on delivering an energy performance certificate to the Bank for the property constituting collateral for the loan customers may be charged a lower margin;
    • extended the offer to support borrowers with CHF mortgage loans until 31 December 2023 to limit the negative effects following from the changes in the exchange rate of CHF;
    • introduced a promotional offer lowering fixed interest rates for loans for 5 years;
    • introduced a promotional offer with a commission reduced to 0% when using life insurance;
    • extended the term of a special offer reducing to a minimum the real estate appraisal fee when applying for a loan online (at iPKO);
  • with regard to consumer loans:
    • made insurance available for a consolidation loan applied for through the iPKO website or the IKO mobile app;
    • maintained its offer of a cash loan with a fixed interest rate;
  • with respect to supporting operations and financing of companies and enterprises:
    • made available the PowerB@nk service for startups, which supports entrepreneurs starting a business by providing a package of tools to set up a website and a free consultation with an accountant; the new service received an award: Consumer Quality Leader – Debut of the Year 2022;
    • increased the maximum amount of low-volume financing (simplified process) to PLN 1 million;
    • introduced the application for a loan or advance with collateral in the form of a BGK de minimis guarantee for repayment of a loan or advance from another bank;
    • waived commissions for loans supporting green investments;
    • made available reverse factoring, which aids the liquidity of the entrepreneur through the repayment by PKO Faktoring S.A. of its liabilities arising from purchases made in PLN and basic currencies;
    • implemented the option of granting a loan in an auxiliary account in EUR assessed using the rating method with collateral other than a BGK guarantee;
    • made a digital credit application available to customers operating as partnerships and general partnerships.

Corporate and investment segment

The PKO Bank Polski S.A. Group consistently tightens cooperation with the largest corporations, central and local government entities and foreign customers, and expands its scope based on the range of products offered.

The Bank’s Group participates in financing strategic investment projects and local government projects. The financing takes the form of syndicated loans and bilateral loans, or the issue of securities .

The PKO Bank Polski S.A. Group offers wide access to funds to finance investment projects and advisory services focused on selecting the optimum form of funding and repayment terms to its customers.

The Bank maintains securities accounts for customers and facilitates Polish and foreign market transactions, and acts as a depositary for pension and investment funds.

The Bank’s Customers who are interested in entering and increasing their share of international markets may use a wide scope of products and services, such as: transaction banking, including international cash pooling, e-banking, Treasury products, trade finance and corporate loans, offered by the Bank’s foreign branches.

As at the end of 2022 the Corporate Segment and the Investment Segment serviced nearly 17.7 thousand customers, including:

  • more than 9 thousand corporate customers,
  • more than 1.4 thousand strategic customers,
  • nearly 5.3 thousand local and central government institutions plus budgetary and related entities,
  • more than 1.6 thousand foreign customers,
  • nearly 0.4 thousand financial customers.

Since the beginning of 2022, the number of customers serviced in this segment increased by nearly 0.7 thousand.

In 2022, the Bank’s Group maintained its position as market leader for servicing the largest local government units: it handles the budgets of 7 voivodeships and 26 cities with poviat rights, including 9 voivodeship capital cities. For many years the Bank has also been financing and servicing banking of other public entities, including Social Insurance Institution, organizational units of Państwowe Gospodarstwo Leśne Lasy Państwowe (State Forests), hospitals, communal companies, systematically reinforcing the position of a leader in financing the Polish economy both independently and as a significant participant of banking syndicates.

Under the service offer of the Bank’s subsidiaries, customers from the corporate segment may use lease and factoring products and services. Any fixed asset may be financed in the form of a lease, depending on the customers’ needs. Apart from standard products, the offer also includes services of renting car fleet and cooperation with suppliers.

* the item does not include bonds of international financial organizations

As at the end of 2022, total financing of customers from the corporate segment, including loans, bonds issued, lease and factoring receivables amounted to more than PLN 84 billion and increased since the beginning of the year by more than PLN 10.0 billion (i.e. 13.5%). The largest increases were in loans by nearly PLN 7.5 billion (or 14.1%) and bonds by nearly PLN 1.4 billion (or 10.5%).

The level of savings of corporate segment customers as at 31 December 2022 exceeded PLN 58 billion and decreased over the year by more than PLN 5.1 billion, mainly as a result of a decrease in deposits by PLN 2.6 billion and a decrease in the level of funds invested in bonds issued by the Bank’s Group companies by nearly PLN 2.6 billion.

In 2022, the PKO Bank Polski S.A. Group:

  • with respect to financing and banking services for public entities, it concluded:
    • agreements for comprehensive banking services for the budgets of the Lubelskie, Pomorskie, Kujawsko- Pomorskie provinces and their organizational units, as well as the city of Bielsko-Biała, the city of Zielona Góra and their organizational units;
    • an agreement to open and maintain consolidated accounts for the Social Insurance Fund, the Bridging Pension Fund and the Social Insurance Institution, as well as to process bulk payments.
    • 160 municipal bond issue agreements totaling more than PLN 9 billion;
  • with respect to financing the corporate segment customers, it concluded:
    • 27 syndicated loan agreements totaling more than PLN 1 billion and more than EUR 3.2 billion, under which the Bank’s share totaled more than PLN 3.0 billion and more than EUR 0.4 billion;
    • 3 bank guarantee agreements totaling more than PLN 6 billion under which the Bank’s share totaled more than PLN 0.3 billion;
    • 4 corporate bond issue agreements with a total value of nearly PLN 7 billion, under which the Bank’s share totaled nearly PLN 1.7 billion;

and prepared, as co-organizer and joint bookbuilder, an issue of bonds of Cyfrowy Polsat S.A. totaling PLN 2.67 billion;

  • with respect to brokerage activities (conducted by the Bank’s Brokerage Office): it conducted:
    • as the global coordinator, offering agent and book-building manager, the placement of shares of Polska Grupa Energetyczna S.A. with a value of approximately PLN 3.2 billion;
    • as the global coordinator and bookbuilder, a sale of shares under the accelerated book-building procedure of Polski Koncern Naftowy ORLEN S.A., worth more than PLN 715 million;
    • as the offering agent, issues of bonds of Echo Investment A. with a total value of PLN 205 million;
    • as a member of the distribution syndicate, issues Kruk A. bonds with a total value of PLN 195 million; as at the end of 2022:
    • it maintained almost 148 thousand securities accounts and cash accounts, as well as more than 518 thousand registration accounts;
    • it provided services concerning units in 403 funds and sub-funds managed by 10 fund management companies;
  • with regard to the deposit offering:
    • introduced a dynamic account and increased its interest rate – it is a separate account to handle automatic and effective overnight cash deposits; the minimum amount is PLN 500 thousand and the interest rate is 1.3% (per annum).

Insurance and leasing

In 2022 insurance and leasing services provided both to retail and corporate customers were intensified.

Activities and achievements:

  • Launch of policy renewal process using various customer contact channels (text message, e-mail, remote channels).
  • Launching a website for customers to handle selected residential claims online on their own. Based on the photos and information provided in the application, the system independently calculates the amount of compensation and, after approval by the customer, executes the payment to the indicated account.
  • More than 300 thousand PKO Dom policies sold in 2022, securing the Bank Group’s 4.8% share of the home insurance market in Poland.
  • Expansion of the offering to include motor lease insurance – PKO Leasing S.A. customers, through the Bank, can insure the leased vehicle under the PKO Auto Package.
  • More than 180 thousand motor insurances sold in 2022 (27 thousand more than in 2021). At the end of 2022, the Bank had 174 thousand customers in its portfolio. Since the Bank began distributing motor insurance in mid-2018, a total of more than 500 thousand contracts have been concluded.
  • PKO Towarzystwo Ubezpieczeń S.A. recorded an increase of 125% in gross premiums written for children and youth insurance (PKO Ubezpieczenie Dziecka) and 141% for travel insurance (Moje Podróże24) compared to 2021.


The achievement by the PKO Leasing S.A. Group (PKO Leasing S.A. Group) of a significant participation in the „My e-car” Program, which aims to support the purchase of green vehicles. The program makes it possible to obtain a subsidy on the initial payment for leasing and long-term rental of new electric or hydrogen-powered cars and vans.

In 2022, 22% of subsidy applications were made through PKO Leasing S.A. Group companies, nearly 50% of the subsidy paid by the National Fund for Environmental Protection and Water Management was paid to PKO Leasing S.A. Group customers, the PKO Leasing S.A. Group achieved a leading position in electric car financing in Poland with a market share of 21%.

In 2022, the number of cars sold via the Automarket.pl platform was 17% higher than in the previous year. More than one-third of the financing agreements were concluded with PKO Bank Polski S.A. customers.

The launch of a new financing offer for motorcycles, scooters and quads in cooperation with Liberty Corporation Sp. z o.o. The offering includes leasing and loans for entrepreneurs and consumer leasing for individuals. PKO Leasing S.A. is the exclusive official financing partner for Liberty Corporation Sp. z o.o.

  • Making it possible for the Bank’s customers to carry out the entire leasing process for new cars (cars and trucks up to 3.5 T) remotely via iPKO. This is the first such process available on the Polish market and the first step towards making the full product offering of the PKO Leasing S.A. Group available on the iPKO website.
  • Making lease financing from PKO Leasing S.A.’s website available online at Media Markt and Media Expert stationary stores. All entrepreneurs can take advantage of the offering, regardless of the size of the company or how long it has been in business.
  • Providing customers with an online claim reporting process in the PKO Leasing Customer Portal. Customers gained the possibility of self-service in terms of reporting a loss, in a channel and tool to which PKO Bank Polski S.A. customers have direct access from iPKO Internet banking website, without having to log in again.

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