2022 Annual Report

Impact on the social environment

2022 Annual Report

Social products and initiatives

Financing of housing needs

In 2022, PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A. granted housing loans to private individuals of PLN 8.8 billion (a 20.4% share of sales of new mortgage loans in 2022).

Share of new mortgage sales in 2022

Since 2014 PKO Bank Polski S.A. has been involved in a nationwide initiative supporting large families: a reduced commission for granting a Własny Kąt Hipoteczny (My Own Place Mortgage) housing loan to holders of a Large Family Card.

Preferential student loans for students and doctoral students (the Bank offers forgiveness of a part of the loan for the best graduates). At the end of 2022, the value of preferential student loans was PLN 411.6 million.

The Bank has the largest network of branches and agencies of all banks operating in Poland. The coverage of the Bank’s network provides access to banking services also to people living in places where the Bank’s main competitors do not have any branches. Electronic banking is an important addition to the branch network.

Since 2020, selected locations of the Bank offer their customers online self-service points (for persons who do not have a computer and/or Internet access).

The Simple Communication project involves, among other things, making the messages presented on the e-banking platforms and in the product documentation more comprehensible for the customers.

Support in the acquisition of digital competence: At every branch of the Bank, customers were offered individual support from a Bank employee in using ATMs/cash deposit machines and using their Bank products through electronic channels – the iPKO computer application and IKO mobile application. Such education was provided with the help of modern technological tools, such as the demo versions of the applications, interactive videos and so-called customer screens. Such solutions will continue to be developed in the following years.

The possibility of investing in investment funds (PKO TFI S.A.) and in savings Treasury bonds, including long-term ones. The offer of ROD and ROS bonds for the beneficiaries of the 500+ programme.

The offer of educational products for children under the age of 13 and their parents. PKO Junior’s offer includes: PKO Konto Dziecka (PKO Child’s Account), ROR Rodzica (the parent’s current account), Pierwsze Konto Oszczędnościowe (First Savings Account), NNW PKO Ubezpieczenie dziecka (PKO Accident Insurance for Children) (0-20 years of age), PKO Junior payment cards, as well as online services and telephone applications: junior.pkobp.pl, junior.inteligo.pl.

The Bank has been conducting the Szkolne Kasy Oszczędności (School Savings Accounts) programme in cooperation with schools for more than 90 years. It is currently the oldest, largest and at the same time the most innovative financial education programme in Poland, with more than 4.5 thousand primary schools (one in three such schools in Poland) participating in this programme (under the agreement with the Bank). The SKO offer includes three types of accounts: for pupils (with online access through www.sko.pkobp.pl), schools and parents’ councils.

The Bank also offers a social media platform SzkolneBlogi.pl, where over 800 schools participating in the SKO programme have their blogs. Overall, more than 930 thousand children used the PKO Junior and SKO offers (accounts for children and accounts for pupils). In 2022, the second edition of the National SKO Knowledge Test (one of the criteria in SKO Competition for schools and teachers) was carried out in two editions over 120 thousand times (education in the field of finance, entrepreneurship, ecology, healthy lifestyle, cybersecurity). An important educational novelty was also a publication devoted to the practical aspects of first aid.

The publication, together with an educational poster, was provided to the schools that were the most active in SKO. It is also accessible to everyone online, on the Bank’s website. In addition, a Polish-Ukrainian dictionary was published, including the most necessary terms, useful in everyday life. The glossary in the printed version reached about 1000 Polish schools to enable better integration and comfort of children, both those who came from Ukraine in 2022 and their Polish peers.

A handbook for mobile application use was prepared, network security meetings were held, and e-mails were prepared and sent on the security of banking services and available functionalities.

Preventing financial exclusion of persons with disabilities through:

  • Appropriate selection of locations (along a main pedestrian route, with access to parking spaces, accessible to persons with disabilities) and appropriate arrangement of space in the branches. By the end of 2022, architectural availability was ensured in 784 own branches, i.e. 81% of branches;
  • The possibility of individual service adapted to the type and degree of a customer’s disability – if required, in a dedicated, comfortable and safe room;
  • Adapting the portals and applications to the needs of the visually impaired, the blind and persons with manual disabilities in compliance with the WCAG 2.1 standard at the AA level.
  • The Talk2IKO voice assistant: increasing the accessibility of the application to persons with manual disabilities, regular addition of new processes – it currently enables, among other things, voice support for persons withdrawing cash from ATMs using a card and BLIK codes, searching for transactions in transaction history, change of limits, repayment of credit card or summary of expenditure category, and checking current savings.
  • Expanding the range of services that are available online – including increasing the number of documents that can be submitted online regularly (among other things, documents for an application for a mortgage loan and loans for entrepreneurs).
  • Development of the sales services provided by branch advisors by telephone and/or online (video chats) in all business lines, among other things, for persons with reduced mobility. In this channel one can currently submit an order to a mortgage loan and term deposits, obtain information about the status of products at the bank – balance of funds, history of operations or interest, report suspicions of fraud, apply for a cash loan, overdraft limit, credit card, car insurance, or PKO Dom, as well as obtain personalized assistance of the advisor when using the iPKO transaction service of a Bank;
  • Offering the possibility of opening a personal account without having to visit a branch (the so-called selfie account).
  • Introducing the possibility of making an appointment with an advisor at a specific time via the website – for physical meetings at the branches, telephone meetings and online meetings (video chats).
  • Development of alternative forms of transaction authorization (text messages, customer screens which offer the possibility of signing an order on an electronic pad and receiving copies of documents by e-mail available in all of the Bank’s branches).
  • Providing services to persons with hearing impairments and the deaf in the Polish Sign Language in every branch and agency (through a smartphone) – all advisers have been trained to provide professional services to deaf customers.
  • Availability of ATMs. At the end of 2022, 2,575 machines (86% of the Bank’s network) were equipped with audio modules. Information on the location of such devices can be found on the Bank’s website and on the Dostępny Bankomat (Available ATM) interbank platform.
  • Actively counteracting digital exclusion: the possibility of using self-service education in the branches and supporting the Bank’s employee when using self-service devices in outlets – ATMs/deposit machines and online positions enabling logging in to iPKO transaction service. Self-service education is carried out in all branches of the bank, whereas at the end of 2022, Internet workstation dedicated to customers were in 209 branches, and about 90 of these branches additionally employed customer assistant – an employee focusing particularly on in-depth education and support for customers in self-service transactions. In 2023 the bank plans to develop the project.

Involvement in pro-social activities

In accordance with its Mission, the Bank conducts activities whose aim is to have a positive impact on the society, the economy, and the environment. The Bank supports activities promoting pro-social attitudes and popularising national heritage, educational and sports projects, and actively participates in economic congresses and industry conferences.

The Bank carries out projects both at national and local levels, supporting initiatives that are important to local communities. Such activities facilitate the integration of communities, the development of entrepreneurship among the region’s inhabitants and its promotion.

Both the Bank, as part of its sponsorship activities, and the PKO Bank Polski Foundation, as part of its charity activities (Foundation), verify every beneficiary of the support provided. The Bank and the Foundation implement projects jointly and/or separately in the most important programme areas in terms of image, such as sport, culture and education. Furthermore, the Foundation is involved in activities which are focused on social welfare, protection of life and health, and ecology.

Sponsorship activities


The sponsorship activities of the Bank are aimed at promoting the image of the Bank as a trustworthy financial institution, socially involved, innovative and open to its customers needs.
The Bank conducts sponsoring projects, focusing on the following areas:
  •  sport – encouraging physical activity, promoting mass sports, including football – Bank’s partnership with the Ekstraklasa, and running as part of the programme “PKO Biegajmy Razem” (PKO Let’s Run Together),
  • culture and art – protecting the Polish cultural heritage, popularizing high culture,
  • science and education – promotion of gaining knowledge, care for education of Poles,
  • innovations – supporting innovative solutions relating to IT and new technologies,
  • business – presenting the Bank as a banking leader, supporting Polish entrepreneurs, promoting Polish business in the international markets, supporting the development of entrepreneurship.

In 2022, 252 sponsorship projects received financial support.

Examples of support in the most important areas

Sport: PKO Bank Polski Ekstraklasa

For 4th season in a row, the Bank is the titular sponsor of Ekstraklasa, the highest tier of Polish association football. The Bank also engaged in e-sport as part of the Ekstraklasa Games project (FIFA 22 tournament). The main objective of the cooperation is to help the Bank develop the league and young football talents in Poland. The Bank engages clubs, through the Partnership Programme, in the promotion of personal accounts for an appropriate commission. The funds can be allocated by clubs to the development of infrastructure, education of young footballers, sports innovation. In addition, each Supporter has the option to have an official Ekstralasa Card – a payment card with a favourite club crest. This is the only such product on the market. At the same time, as part of the cooperation, the Bank develops “PKO Bank Polski Grajmy Razem (Let’s Play Together)” channels in social media, promotes youth footballers by awarding the best ones every month, and continues the “Kanapa Kibica (Supporter’s Couch)” project, which integrates supporters at every stadium in the country. Since 2022, Supporters and simultaneously the Bank’s customers have been able to purchase tickets for selected matches of PKO Bank Polski Ekstraklasa on the iPKO website.

Sport: runs and other sport events

In 2022, the Bank supported 18 major events, including PKO Poznań Półmaraton (PKO Poznań Half Marathon), PKO Białystok Półmaraton (PKO Białystok Half Marathon), PKO Rzeszów Półmaraton (PKO Rzeszów Half Marathon), Bieg Piastów, the Polish edition of the Wings for Life run, during which regular charity actions were conducted in cooperation with PKO Bank Polski Foundation.

After a 2-year break, PKO Bieg Charytawny (Charity Run), organized by the Bank in cooperation with the Foundation, also returned to the stadium. Participants in 12 cities, through their activity, supported children’s psychiatry and psychology. The amount of PLN 2,087,335.25 was transferred by PKO Bank Polski Foundation.

The Bank also encouraged people to look after their health and lead a healthy lifestyle by continuing the programme BiegamBoLubię (IRunBecauseILikeTo). It is a series of free of charge running practices for runners at all fitness levels. In 2022, almost 30 thousand runners in nearly 100 stadiums all over Poland took part in the training.

In addition to the running events, the Bank supported yet again a series of international, indoor horse riding competitions known as Cavaliada Tour and the Warsaw Jumping competitions, as well as numerous local events.

Culture and art

The sponsorship of culture and art is one of the main areas of the Bank’s sponsoring activity, as by engaging in valuable cultural events, it makes a real impact on the development of the taste and sensitivity of consumers. Inviting customers to prestigious events allows us to strengthen existing, and build new business relationships. Examples of support for cultural institutions in 2022:

The National Philharmonic in Warsaw, the Warmia and Mazury Philharmonic in Olsztyn, the Podlasie Opera and Philharmonic – European Centre of Art in Białystok, the Zielona Góra Philharmonic, the Krakow Opera, the Silesian Opera, the Wroclaw Opera, AUKSO – the Tychy City Chamber Orchestra.

The Music Theatre in Poznań, the Music Theatre in Gdynia, the Music Theatre in Lublin.

The Stanisław Wyspiański Museum in Krakow, the National Museum in Szczecin, the Central Museum of Textiles in Lodz, the Diocesan Museum in Siedlce, the Castle Museum in Pszczyna.

In 2022, the Bank launched the Sponsorship of the National Museum in Wroclaw, which includes the following branches: The National Museum, the Etnographic Museum, the “Racławice Panorama” Museum, and the Four Domes Pavilion Museum of Modern Art.

In 2022, the Bank became a Strategic Partner of the Wawel Royal Castle, one of the most important museums in the country, which was a royal residence for multiple centuries and remains a symbol of Polish state.

Other important events sponsored in 2022 are music festivals in various regions of Poland:

  • The “SCHOLA CANTORUM” National Early Music Band Festival,
  • The “Musica Sacromontana” Oratory Music Festival in Gostyń Św. Góra,
  • International Festival – Days of Orthodox Church Music in Hajnówka.

Science and education

In 2022, the Bank cooperated with universities and academic centres, including: The Adam Mickiewicz University of Poznań and the University of Silesia, as well as with the T. Sygietyński State Folk Ensemble of Song and Dance “Mazowsze” in Karolin (PZLPiT), or Foundation – Oratory Academy of Igor Zalewski. The most important educational projects:

  • University of Colour – the educational project of Adam Mickiewicz University of Poznań,
  • The “Best Young Orator” and the “Academic Oratory Competition” – competitions promoting oratory art and the ability to effectively argue,
  • Educational exhibitions performed by PZPiT Mazowsze – shows for children and teenagers, as well as dance workshops, singing workshops, human cut-outs, or organized visits to the Folklore Centre.


As one of the leaders in the financial market, the Bank participated actively in organizing congresses and conferences enabling the exchange of experience and solutions among various business environments. Examples of projects with the Bank’s participation:

European Financial Congress, Banking&Insurance Forum, 2022 Krynica Forum, VI Future Congress, Development Vision Forum, 590 Congress, Poland – Great Project Congress, Invest Cuffs 2022, UX Poland.

Retail Banking Congress, Railway Congress, Energy Congress, Congress of Family-Owned Companies in Wroclaw, European Local Government Congress, Conference of the Chamber of Brokerage Houses, EY Entrepreneur of the Year Competition, Polish Entrepreneur of the Year Competition of Gazeta Polska Codziennie.

The Bank also supported twelve local chambers of commerce throughout Poland as well as three bilateral chambers of industry and commerce.

The Bank, being aware of climate change challenges, supports the energy transformation of Poland and reduces the negative impact of its operating activities on the environment, supports environmental education and day-to-day activities follows the principle of social responsibility. In 2022, the Bank supported the following initiatives: TOGETAIR (Climate Summit and Polish Multimedia Climate Report), Energy Congress in Wroclaw, project of Kurier Lubelski “ECO-LIFE – ECO-EFFECT”, “ESG Talks” debate organised by the Manager publishing house, wGospodarce.pl Green Forum conference, a Wroclaw University of Technology conference “Hydrogen as a remedy for the climate and energy crisis”.

Innovations/new technologies

The Bank took an active part in events promoting the development of innovations used in banking and actively supported projects which were aimed at promoting the digital transformation and the development of new technologies:

  • Infoshare – the largest conference in Central and Eastern Europe focused on technology, new media and support for young companies.
  • UX Poland – one of the largest UX conferences in Europe, concerning User Experience & Product Design, Interaction Designers, Digital Transformation Specialists, and Developers.
  • Wolves Summit – an international conference aimed at combining business angels, VC funds, technology talents, investors, and corporations with promising companies in the region,
  • Venture Cafe – an initiative aimed at strengthening the innovation ecosystem in Warsaw; the project initiates, creates and implements platform programs, thanks to which cities become friendly ecosystems for innovators and start-ups,
  • Day of Women’s Careers in IT – the fourth edition of the online event for all women who wish to enter the IT industry.

Charitable activities

The Foundation substantively and financially supports projects of importance to the development of Poland, implemented for and in consultation with local communities, serving the purpose of building the civic society.

The scope of the Foundation’s activities is specified in the Foundation’s Statutes, while the principles of cooperation between the Bank and the Foundation are governed by the agreement. Grants awarded by the Bank were the main source of financing for the Foundation’s statutory objectives in 2022. Additionally, the Bank transfers to the Foundation a part of the profit generated on non-cash transactions with charity cards Inteligo Visa payWave “Goodness pays interest”. The support is designated to one of the four charity initiatives, selected by the customer.

In 2022, 386 projects out of 1,140 applications for financial donations for social activities were approved. The charitable activities of the Foundation in 2022 were aimed to help victims of war in Ukraine to a large extent.

Aproved projects for financial donations

The Foundation also transfers donations in kind to non-governmental organizations in the form of computer hardware and furniture withdrawn from use from various units of the Bank.

  • Hope: activities under the common name “Aid for Ukraine”, supply of Polish services, assistance to people at risk of exclusion, harmed and disabled in cooperation with, among others, Grow Up with Us Foundation,
  • Culture: protection of cultural assets and national heritage as well as support and promotion of artistic events and events in cooperation with, among others, the Warsaw Royal Castle, the Wawel Royal Castle, the Powązki Cemetery Foundation, Cultural Scene Association,
  • Health: life and health protection and health prevention in cooperation with Military Medical Institute, Independent Public Healthcare Centre in Pruszków, Independent Public Healthcare Centre in Wołomin,
  • Tradition: recording national awareness, supporting the development of national heritage and shaping civic attitudes in cooperation with, among others, the Foundation of Heritage of the Republic of Poland, Jastkowice Culture and History Association “Heritage and Remembrance”, and Christian Renewal Association “Remembrance and Identity”,
  • Education: cooperation with Siemacha Association, the Janusz Kurtyka Foundation, Media Education Foundation, Republican Foundation.

In 2022 the Foundation provided support for 68 people – the aid involved, among others, assistance in the treatment and rehabilitation, covering training costs and developing sports talents.

  • Banking Honorary Blood Donation Campaign, which is aimed at raising new generations of honorary blood donors (in 2022, almost 2,200 people joined in the campaign, thanks to whom nearly 900 litres of blood were donated to people in need),
  • the Charity running campaign “I am running for…” – in 2022, 19 campaigns were organized, with the participation of 5,703 runners and PLN 190,000 was collected for 21 beneficiaries: 19 children and 2 adults. Since the beginning of the programme, i.e. since 2013, a total of 506 campaigns were carried out with 222,600 participants and the support being provided to 574 beneficiaries at over PLN 6.6 million,
  • The Feast of Saint Nicholas Integration Meetings are a cyclical pre-Christmas event for children of employees of the Bank and care institutions – in 2022, during the 10th edition of the Meetings, 25 meetings were organised in 18 cities throughout Poland. Over 4 thousand children participated, for whom Christmas gifts were prepared,
  • Depository of Banking Collections – as part of the programme promoting the creativity of young artists, the Foundation carried out a documentary film from the cycle “Portraits of Artists”, presenting Robert Kuśmierowski, one of the most famous contemporary Polish performers and sculptors.

2022 saw the conclusion of a green grant competition “Let the Earth Breathe”. The Foundation received over 100 applications, 40 of which were positively recommended by the competition committee. Primary and secondary schools, non-governmental organizations and self-government cultural institutions received a total of over PLN 400 thousand to achieve the objectives of the competition, i.e. raising environmental awareness and knowledge about the climate.

The Foundation encourages employees of PKO Bank Polski to engage for the benefit of local communities. Since 2013, 1,652 people signed up to the employee volunteering database, and 29 volunteers registered in 2022. Their aid measures were mainly focused on granting aid to war refugees from the territory of Ukraine.

Involvement of the other entities of the Bank’s Group in pro-social activities

KREDOBANK S.A. committed significantly to activities aimed at minimising the negative effects of war in Ukraine (Chapter 8.3), supporting, among others, transport services of the Ministry of Defence of Ukraine, providing funds for humanitarian aid, as well as various equipment and products to the institutions in need of or distributing the same.

PKO Leasing S.A., through the PKO Bank Polski Foundation, was also active in providing assistance to Ukraine – both in kind and in cash. In addition, it was involved in the sponsorship of numerous industry congresses, including the New Mobility Congress and the European Rolling Stock Forum and sports: amateur colon race “Via Lower Silesia” and educational: Elektromobilni.pl social campaigns.

PKO Życie Towarzystwo Ubezpieczeniowe S.A. and PKO Towarzystwo Ubezpieczeń S.A. were active in promoting activities in the field of physical culture: sponsorship of the following events: Via Lower Silesia and PKO Ubezpieczenia Junior Race, as well as bicycle races for amateurs and races for children. PKO TU SA also sponsored the MKS Unia Hrubieszów club in the field of sports sections and supporting the statutory activities of the club.

PKO TFI S.A., through a donation granted to the Foundation of PKO Bank Polski, as well as other companies of the Bank’s Group, was involved in Ukraine’s assistance. The company also sponsored industry conferences, among others, the Conference of the Chamber of Brokerage Houses or the Finances of Poles project – a series of meetings with experts involved in investing, saving, capital market and retirement pensions – conducted in cooperation with Dziennik Gazeta Prawna.

Support of Ukraine and its refugees and operations of Ukrainian subsidiaries

Humanitarian aid and assistance to employees of the Ukrainian Group companies

Since the first moments of the war in Ukraine, the Bank Group has been involved in various forms of aid. The main efforts of the Bank and its Polish subsidiaries were coordinated by the PKO Bank Polski Foundation (the Foundation) and financed from the Foundation’s resources (including additional funds donated by the Bank for program activities) and from voluntary donor contributions collected in a special bank account of the Foundation. In addition, PKO Bank Polski S.A. made an earmarked donation of PLN 3 million to the Foundation’s account.

Aid efforts carried out from the Foundation’s budget mainly targeted KREDOBANK S.A. employees and their families, who were provided with transportation after crossing the border, accommodation and food, medical care and daily necessities. In addition, a donation was made to the wards to support the process of empowerment of refugees in Poland. A total of 900 people were assisted by the Foundation in 2022, and the value of the aid amounted to nearly PLN 12 million.

From the funds accumulated from voluntary contributions to the Foundation’s account:

  • support was provided to 75 non-governmental organizations and units carrying out aid activities for refugees from Ukraine for a total of PLN 8.3 million;
  • costs of initiatives for Ukrainian refugees organized locally by PKO Bank Polski S.A. volunteers were covered; the Foundation spent PLN 3.9 million to cover the costs of transporting women and children from Ukraine to Poland, accommodation, purchase of medicines and groceries.

In addition, in 2022, the Foundation made in-kind donations of decommissioned assets acquired from Bank Group’s companies (including minivans, furniture, computers, among others), as well as defibrillators and an ambulance with a total value of PLN 2.1 million.

The Bank’s subsidiaries also made monetary donations and organized the transportation of refugees and the purchase and transportation of items for refugees from their own funds.

KREDOBANK S.A. (a Ukrainian company), including through the activities of the Kredo Foundation, donated a total of UAH 15.8 million (approximately PLN 2 million at the average exchange rate quoted by the National Bank of Poland on 31 December 2022) for war-related humanitarian activities in 2022.

The above funds were transferred:

  • as monetary donations – mainly to the State Special Transport Service of the Ministry of Defense of Ukraine for the extension and equipment of the Anti-Mine Action Center and to the city of Lviv for defense and humanitarian needs;
  • for the purchase of medical equipment, medicines and food – including but not limited to: for the hospitals of Lviv and Kharkiv;
  • to fund the “Brave to Be Together” campaign, as part of which a thousand children evacuated from war zones and occupied territories who went to school for the first time in western Ukraine were prepared for school.
  • for the organization and operation of a shelter for refugees from combat areas in Lviv until 30 September 2022 – the shelter accommodated 738 refugees, including 235 children;
  • for organizing the transportation of war refugees from eastern Ukraine to Poland.

The Company also helped its employees and their families, in particular in terms of evacuation and accommodation.

Aid campaigns organized by the Bank’s Group in Poland and Ukraine were supported by volunteers – employees of the Group.

Product offering

  • Natural persons can open the standard PKO Konto Bez Granic with a multi-currency card offered free of charge for a period of 12 months, with access through the Internet and telephone, or its temporary version – Czasowe Konto Bez Granic – for customers who do not have an identity document. In total, between 24 February and 31 December 2022, the Bank opened 367 thousand savings accounts for Ukrainian citizens, including 50.5 thousand temporary accounts (Czasowe Konto Bez Granic).
  • The Bank has made it possible for Ukrainian citizens opening a savings account at PKO Bank Polski S.A. to obtain a free of charge „instant card” at selected branches.
  • At PKO Bank Polski S.A’s ATMs, as part of the PKO Awizo service, benefits indicated in the Act on assistance for citizens of Ukraine can be withdrawn,
  • The following elements are provided by the Bank in Ukrainian: the IKO mobile app, the iPKO e-banking website (login page and selected elements), a section on the Bank’s website, ATM screen support, IVR (Interactive Voice Response) voice messages and selected banking documents and materials.
  • The Bank does not charge fees for foreign transfer orders to banks in Ukraine.

Until June 2022, banking services were offered at the PGE National Stadium in Warsaw, where almost 13.5 thousand accounts were opened in a period of more than 2.5 months.

The Bank is offering a promotional Company Account to companies operating in Ukraine or which launched operations in Poland after 24 February 2022 and whose organizational structure includes a minimum of one beneficial owner who is a Ukrainian citizen. The offering is aimed at companies that open PKO Konto Firmowe or PKO Konto Firmowe Premium.

As part of the special offering, customers are exempted for 12 months from, among other things, fees for maintaining a current account and auxiliary accounts, for domestic transfers and transfers to banks in Ukraine, and for withdrawals and deposits at Bank branches. During the period of the special offering, i.e. from 28 March to 31 December 2022, the Bank opened 540 business accounts. 94% of these are newly opened businesses operating in the market for up to 12 months.

Exchange of hryvnia

PKO Bank Polski S.A., on behalf of the National Bank of Poland, operated the hryvnia exchange as the only bank in Poland until September 2022.

In the period from 25 March to 9 September 2022, in 100 branch offices of the Bank, refugees from Ukraine could exchange hryvnias to Polish zlotys, on specific terms and at the exchange rate quoted by the National Bank of Ukraine (NBU).

Nearly 103 thousand Ukrainian citizen took advantage of this opportunity and exchanged UAH 728 million in total. The average exchange operation amounted to UAH 7 thousand (with a maximum limit of UAH 10 thousand). All hryvnias exchanged were transferred by the Bank to the NBP at the rate quoted by the NBU.

Activities of the Ukrainian companies of the PKO Bank Polski S.A. Group

(All figures have been translated using the average exchange rate quoted by the National Bank of Poland on 31 December 2022).

PKO Bank Polski S.A. Group companies, including KREDOBANK S.A. with its registered office in Lviv, and debt collection and financial companies with their registered offices in Kyiv and Lviv, continue to operate in Ukraine.

KREDOBANK S.A. is a universal bank which services customers mainly in the western part of Ukraine and in Kyiv. As at the end of 2022, the Company’s head office was in Lviv; there were 66 branches, 13 of which are located in regions most affected by warfare. In the first quarter of 2022, one of the company’s branches in Kyiv was destroyed.

From February 2022, in connection with the military aggression of Russia, KREDOBANK S.A.’s priority is to ensure the safety of its employees and maintain uninterrupted operations servicing customers on an on-going basis. The Company services customers in regions where no active military actions are in progress. The management monitors the Company’s operations on a daily basis and ensures quick reaction to incidents and changes in the situation.

The Company’s Management Board estimates potential losses at a level which has no impact on KREDOBANK S.A.’s ability to continue its operations. As at the end of 2022, according to an assessment based on the available official information, approximately 16% of the company’s loan portfolio is located directly in or close to areas of hostilities, including less than 3% in areas of temporary occupation or active hostilities;

In 2022, KREDOBANK S.A. granted UAH 4.5 billion (PLN 0.57 billion) in new loans, including 86% to legal persons and 14% to natural persons. Compared to 2021, lending decreased by 69%.

In 2022, KREDOBANK S.A. recognized credit risk allowances of about UAH 1.7 billion (i.e., PLN 213.9 million).


Selected financial data of KREDOBANK S.A.*

in UAH million in PLN million
31.12.2022 31.12.2021 31.12.2022 31.12.2021
Loans, gross 14,950 17,459 1,881 2,196
Deposits, gross 32,903 24,386 4,139 3,068
Assets (total assets) 38,650 32,999 4,862 4,151
Equity 3,946 3,860 496 486
for 2022 for 2021 for 2022 for 2021
Net profit or loss 138 801 17 101
* consolidated data according to the International Financial Reporting Standards – the principles in force in the Bank’s Group.

In December 2022, 32 branches of KREDOBANK S.A. became part of POWER BANKING, that is, a joint banking network established at the initiative of the National Bank of Ukraine, i.e. a network of branches scattered throughout Ukraine, with the aim of providing customers with a specific list of urgent banking services, including in the event of a power outage.

KREDOBANK S.A. has signed new loan guarantee agreements that will enable lending to Ukrainian entrepreneurs in 2023, including with the European Bank for Reconstruction and Development (EBRD) and the European Commission, which has allocated funds for Bank Gospodarstwa Krajowego to secure the company’s lending.

The financial and organizational situation of the other Ukrainian companies in the Group was stable at the end of 2022. The companies have not experienced liquidity tensions, and are maintaining relations with existing counterparties. Service restrictions and work organization are being adjusted on an ongoing basis to war conditions.

Implementation of the sanctions imposed on Russia and Belarus

PKO Bank Polski S.A. has implemented restrictions and changes resulting from sanctions imposed on Russia and Belarus. It has reviewed and changed the directions of settlements with the banks to which the sanctions do not apply, changed the correspondent in Russian roubles (RUB) and terminated the nostro and loro account agreements with the banks covered by sanctions. As a result, the payments in all currencies to and from Russian and Belorussian banks covered by the sanctions have been blocked.

PKO Bank Polski S.A. has introduced guidelines for the financing of and providing banking services to persons and entities having business dealings with Russia and Belarus, including those customers on whom sanctions have been or can be imposed. The main principles applied by the Bank are unavailability, limitation or withdrawal of financing and financial services.

The Bank monitors international sanctions on an ongoing basis and takes appropriate action in this regard.

PKO Bank Polski S.A. takes appropriate actions when it finds its customer on the list of persons and entities covered by special restrictions issued by the Minister of Internal Affairs and Administration, known as the Polish sanctions list. In the event of any changes in the restrictions, the Bank implements the competent authority’s decisions on an ongoing basis, in accordance with the provisions of the Act of 13 April 2022 on special solutions aimed at preventing support for the aggression on Ukraine and maintaining national security. The Bank implements on an ongoing basis the decisions of the competent authority to release funds of entities subject to restrictive measures.

Approach to stakeholder engagement

[2-29] The Bank studies the approach of its stakeholders to its charitable and sponsorship activities on a continuous basis. The Bank is among the most recognisable sponsors on the market, and in the banking industry is the most recognisable company supporting various activities and events. Sponsorship of cultural events is particularly appreciated. The largest percentage of banking customers recalls with the Bank’s support granted to PKO Charity Run.

[2-28] The Bank is a member of many organizations, both industrial and regional (e.g. the Polish Bank Association (Związek Banków Polskich), CFA Institute) and many business organizations, such as chambers of commerce and business associations (e.g. the Polish Association of Listed Companies (Stowarzyszenie Emitentów Giełdowych), the Association of Entrepreneurs and Employers (Związek Przedsiębiorców i Pracodawców)). As at the end of 2022, the Bank participated in 76 organizations, and during the year, it joined the Polish Association of Capital Investors and Association of Family Companies.

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