Financial Highlights
| PLN millions | EUR millions | |||
|---|---|---|---|---|
| period from 1.01.2014 to 31.12.2014 | period from 1.01.2013 to 31.12.2013 | period from 1.01.2014 to 31.12.2014 | period from 1.01.2013 to 31.12.2013 | |
| Interest income | 2.583.219 | 2.672.170 | 616.623 | 634.569 |
| Fee and commission income | 695.321 | 697.600 | 165.975 | 165.661 |
| Operating income | 2.308.366 | 2.080.135 | 551.015 | 493.976 |
| Operating profit / (loss) | 838.705 | 682.707 | 200.202 | 162.125 |
| Profit /(loss) before taxes | 838.459 | 680.563 | 200.143 | 161.616 |
| Profit /(loss) after taxes | 650.920 | 535.795 | 155.377 | 127.237 |
| Total comprehensive income of the period | 669.232 | 538.963 | 159.748 | 127.989 |
| Net cash flows from operating activities | -477.552 | 2.965.573 | -113.993 | 704.244 |
| Net cash flows from investing activities | -1.549.021 | -2.118.436 | -369.757 | -503.072 |
| Net cash flows from financing activities | 672.262 | -388.722 | 160.471 | -92.311 |
| Net cash flows, total | -1.354.311 | 458.415 | -323.279 | 108.861 |
| Total assets | 60.740.482 | 57.016.715 | 14.250.635 | 13.748.243 |
| Liabilities to banks and other monetary institutions | 2.037.269 | 2.348.562 | 477.974 | 566.301 |
| Liabilities to customers | 47.591.244 | 45.305.121 | 11.165.625 | 10.924.267 |
| Total equity | 5.765.479 | 5.363.133 | 1.352.669 | 1.293.194 |
| Share capital | 1.213.117 | 1.213.117 | 284.616 | 292.515 |
| Number of shares | 1.213.116.777 | 1.213.116.777 | 1.213.116.777 | 1.213.116.777 |
| Book value per share (in PLN/EUR) | 4.75 | 4.42 | 1.12 | 1.07 |
| Diluted book value per share (in PLN/EUR) | 4.75 | 4.42 | 1.12 | 1.07 |
| Capital adequacy ratio | 15,23% | 14,54% | 15,23% | 14,54% |
| Basic earnings (losses) per ordinary share (in PLN/EUR) | 0.54 | 0.44 | 0.13 | 0.10 |
| Diluted earnings (losses) per ordinary share (in PLN/EUR) | 0.54 | 0.44 | 0.13 | 0.10 |
| Pledged or paid dividend per share (in PLN/EUR) | 0.22 | - | 0.05 | - |
Consolidated Income Statement
| PLN millions | Note | 01.01.2014 - 31.12.2014 | 01.01.2013 - 31.12.2013 |
|---|---|---|---|
| Interest income | 1 | 2.583.219 | 2.672.170 |
| Interest expense | 2 | -1.129.100 | -1.452.119 |
| Net interest income | 1.454.119 | 1.220.051 | |
| Fee and commission income | 695.321 | 697.600 | |
| Fee and commission expense | -83.648 | -108.863 | |
| Net fee and commission income | 3 | 611.673 | 588.737 |
| Dividend income | 4 | 1.851 | 1.641 |
| Result on investment financial assets | 5 | 18.447 | 20.721 |
| Result on financial instruments valued at fair value through profit and loss and foreign exchange result | 5 | 182.836 | 184.414 |
| Other operating income | 6 | 39.440 | 64.571 |
| Operating income | 2.308.366 | 2.080.135 | |
| General and administrative expenses | 7 | -1.056.053 | -1.035.244 |
| Impairment losses on financial assets | 8 | -265.041 | -232.531 |
| Impairment losses on non financial assets | 9 | -430 | -1.571 |
| Depreciation and amortization | 10 | -55.326 | -54.332 |
| Other operating expenses | 11 | -92.811 | -73.750 |
| Operating expenses | -1.469.661 | -1.397.428 | |
| Operating profit / (loss) | 838.705 | 682.707 | |
| Share in net profit of associated companies | -246 | -2.144 | |
| Profit / (loss) before taxes | 838.459 | 680.563 | |
| Corporate income tax | 12 | -187.539 | -144.768 |
| Profit / (loss) after taxes | 650.920 | 535.795 | |
| Attributable to: | |||
| Owners of the parent | 650.920 | 535.795 | |
| Non-controlling interests | 0 | 0 | |
| Basic earnings per ordinary share (in PLN) | 13 | 0.54 | 0.44 |
| Diluted earnings (losses) per ordinary share (in PLN) | 13 | 0.54 | 0.44 |
Consolidated statement of total comprehensive income
| PLN millions | 1.01.2014-31.12.2014 | 1.10.2014-31.12.2014* | 1.01.2013-31.12.2013 | 1.10.2013-31.12.2013* |
|---|---|---|---|---|
| Profit / (loss) after taxes | 650.920 | 157.672 | 535.795 | 143.033 |
| Other elements of total comprehensive income that will be subsequently reclassified to profit or loss | 25.250 | -56.854 | 3.911 | 28.179 |
| Effect of valuation of available for sale debt securities | 69.491 | 4.994 | -44.482 | 15.817 |
| Effect of valuation of available for sale shares | 29 | 55 | 18 | 24 |
| Hedge accounting | -44.270 | -61.903 | 48.375 | 12.338 |
| Other elements of total comprehensive income that will not be subsequently reclassified to profit or loss | -2.643 | -2.643 | 0 | 0 |
| Actuarial gains (losses) | -2.643 | -2.643 | 0 | 0 |
| Other elements of total comprehensive income before taxes | 22.607 | -59.497 | 3.911 | 28.179 |
| Corporate income tax on other elements of total comprehensive income that will be subsequently reclassified to profit or loss | -4.798 | 10.802 | -743 | -5.354 |
| Corporate income tax on other elements of total comprehensive income that will not be subsequently reclassified to profit or loss | 502 | 502 | 0 | 0 |
| Other elements of total comprehensive income after taxes | 18.312 | -48.193 | 3.168 | 22.825 |
| Total comprehensive income for the period | 669.232 | 109.479 | 538.963 | 165.858 |
| Attributable to: | ||||
| Owners of the parent | 669.232 | 109.479 | 538.963 | 165.858 |
| Non-controlling interests | 0 | 0 | 0 | 0 |
* quarterly financial information has not been audited
Consolidated Balance Sheet - Assets
| PLN millions | Note | 31.12.2014 | 31.12.2013 |
|---|---|---|---|
| Cash, balances with the Central Bank | 14 | 2.612.242 | 3.412.175 |
| Deposits, loans and advances to banks and other monetary institutions | 15 | 2.384.744 | 1.519.614 |
| Financial assets valued at fair value through profit and loss (held for trading) and adjustment due to fair value hedge | 16 | 1.417.276 | 850.732 |
| Hedging derivatives | 17 | 18.999 | 211.395 |
| Loans and advances to customers | 18 | 44.142.699 | 41.765.680 |
| Investment financial assets | 19 | 9.249.537 | 8.241.517 |
| - available for sale | 9.249.537 | 8.241.517 | |
| - held to maturity | 0 | 0 | |
| Investments in associates | 19 | 2.762 | 3.009 |
| Receivables from securities bought with sell-back clause (loans and advances) | 20 | 155.642 | 242.061 |
| Property, plant and equipment | 21 | 153.449 | 163.158 |
| Intangible assets | 22 | 59.119 | 41.006 |
| Non-current assets held for sale | 23 | 5.646 | 3.466 |
| Receivables from Tax Office resulting from current tax | 77.776 | 63.949 | |
| Deferred income tax assets | 24 | 196.276 | 185.456 |
| Other assets | 25 | 264.315 | 313.497 |
| Total Assets | 60.740.482 | 57.016.715 |
Consolidated Balance Sheet - Liabilities
| PLN millions | Note | 31.12.2014 | 31.12.2013 |
|---|---|---|---|
| LIABILITIES | |||
| Liabilities to banks and other monetary institutions | 26 | 2.037.269 | 2.348.562 |
| Financial liabilities valued at fair value through profit and loss (held for trading) and adjustment due to fair value hedge | 27 | 629.790 | 575.098 |
| Hedging derivatives | 17 | 1.390.225 | 930.345 |
| Liabilities to customers | 28 | 47.591.244 | 45.305.121 |
| Liabilities from securities sold with buy-back clause | 29 | 59.765 | 114.801 |
| Debt securities | 30 | 1.739.461 | 701.352 |
| Provisions | 31 | 98.574 | 66.616 |
| Deferred income tax liabilities | 32 | 0 | 0 |
| Current tax liabilities | 8.080 | 11.269 | |
| Other liabilities | 33 | 780.856 | 977.833 |
| Subordinated debt | 34 | 639.739 | 622.585 |
| Total Liabilities | 54.975.003 | 51.653.582 | |
| EQUITY | |||
| Share Capital | 35 | 1.213.117 | 1.213.117 |
| Share premium | 35 | 1.147.502 | 1.147.502 |
| Revaluation reserve | 35 | -112.911 | -131.223 |
| Retained earnings | 35 | 3.517.771 | 3.133.737 |
| Total Equity | 5.765.479 | 5.363.133 | |
| Total equity attributable to owners of the parent | 5.765.479 | 5.363.133 | |
| Non-controlling interests | 0 | 0 | |
| Total Liabilities and Equity | 60.740.482 | 57.016.715 |
Consolidated Statement of Changes in Equity 2014
| Total consolidated equity | Share capital | Share premium | Revaluation reserve | Retained earnings | |
|---|---|---|---|---|---|
| Equity at the beginning of the period 01.01.2014 | 5.363.133 | 1.213.117 | 1.147.502 | -131.223 | 3.133.737 |
| - total comprehensive income for 2014 | 669.232 | 0 | 0 | 18.312 | 650.920 |
| - dividend payment | -266.886 | 0 | 0 | 0 | -266.886 |
| Equity at the end of the period 31.12.2014 | 5.765.479 | 1.213.117 | 1.147.502 | -112.911 | 3.517.771 |
Consolidated Statement of Changes in Equity 2013
| Total consolidated equity | Share capital | Share premium | Revaluation reserve | Retained earnings | |
|---|---|---|---|---|---|
| Equity at the beginning of the period 01.01.2013 | 4.824.170 | 1.213.117 | 1.147.502 | -134.391 | 2.597.942 |
| - total comprehensive income of 2013 | 538.963 | 0 | 0 | 3.168 | 535.795 |
| Equity at the end of the period 31.12.2013 | 5.363.133 | 1.213.117 | 1.147.502 | -131.223 | 3.133.737 |
A. Cash Flows from Operating Activities
| Amount ‘000 PLN | 1.01.2014 -31.12.2014 | 1.01.2013 -31.12.2013 |
|---|---|---|
| Profit (loss) after taxes | 650.920 | 535.795 |
| Adjustments for: | -1.128.472 | 2.429.778 |
| Non-controlling interests | 0 | 0 |
| Interests in net profit /(loss) of associated companies | 246 | 2.144 |
| Depreciation and amortization | 55.326 | 54.332 |
| Foreign exchange gains /(losses) | 41.956 | 24.591 |
| Dividends | -1.851 | -1.641 |
| Changes in provisions | 31.958 | 21.811 |
| Result on sale and liquidation of investing activity assets | -29.047 | -34.711 |
| Change in financial assets valued at fair value through profit and loss (held for trading) | -420.230 | -76.881 |
| Change in loans and advances to banks | -819.519 | -14.851 |
| Change in loans and advances to customers | -2.382.222 | -1.533.801 |
| Change in receivables from securities bought with sell-back clause | 86.419 | -224.592 |
| Change in liabilities valued at fair value through profit and loss (held for trading) | 514.572 | -77.332 |
| Change in liabilities to banks | -242.784 | 82.315 |
| Change in deposits from customers | 2.286.123 | 3.871.044 |
| Change in liabilities from securities sold with buy-back clause | -55.036 | -59.987 |
| Change in debt securities | -11.405 | -66.234 |
| Change in income tax settlements | 187.557 | 144.299 |
| Income tax paid | -219.688 | -204.186 |
| Change in other assets and liabilities | -164.949 | 507.206 |
| Other | 14.102 | 16.252 |
| Net cash flows from operating activities | -477.552 | 2.965.573 |
B. Cash Flows from Investing Activities
| Amount ‘000 PLN | 1.01.2014 -31.12.2014 | 1.01.2013 -31.12.2013 |
|---|---|---|
| Inflows: | 275.999.757 | 284.513.178 |
| Proceeds from sale of property, plant and equipment and intangible assets | 16.907 | 18.877 |
| Proceeds from sale of shares in associates | 0 | 0 |
| Proceeds from sale of investment financial assets | 275.980.999 | 284.492.660 |
| Other | 1.851 | 1.641 |
| Outflows: | -277.548.778 | -286.631.614 |
| Acquisition of property, plant and equipment and intangible assets | -52.611 | -28.315 |
| Acquisition of shares in associates | 0 | 0 |
| Acquisition of investment financial assets | -277.496.167 | -286.603.299 |
| Other | 0 | 0 |
| Net cash flows from investing activities | -1.549.021 | -2.118.436 |
C. Cash Flows from Financing Activities
| Amount ‘000 PLN | 1.01.2014 -31.12.2014 | 1.01.2013 -31.12.2013 |
|---|---|---|
| Inflows: | 1.842.407 | 60.000 |
| Long-term bank loans | 211.328 | 60.000 |
| Issue of debt securities | 1.631.079 | 0 |
| Increase in subordinated debt | 0 | 0 |
| Net proceeds from issues of shares and additional capital paid-in | 0 | 0 |
| Other | 0 | 0 |
| Outflows: | -1.170.145 | -448.722 |
| Repayment of long-term bank loans | -290.200 | -281.960 |
| Redemption of debt securities | -581.565 | -132.430 |
| Decrease in subordinated debt | 0 | 0 |
| Issue of shares expenses | 0 | 0 |
| Redemption of shares | 0 | 0 |
| Dividends paid and other payments to owners | -266.886 | 0 |
| Other | -31.494 | -34.332 |
| Net cash flows from financing activities | 672.262 | -388.722 |
| D. NET CASH FLOWS, TOTAL (A+B+C) | -1.354.311 | 458.415 |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD | 6.752.775 | 6.294.360 |
| F. CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD (D+E) | 5.398.464 | 6.752.775 |
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