Financial and
ESG report 2020

Cost efficiency and material and recurring synergies after the merger with Euro Bank

Costs without BFG decreased -1% y/y. Decreasing staff costs especially in 4Q (-10% q/q)

Operating cost

Cost/ income, branches and staff

(*) additional administrative costs directly related to Euro Bank acquisition, merger and integration process (PLN113mn in 2019 and PLN66mn in 2020, of which PLN41.4mn for staff restructuring)
(**) without one-off income and integration costs
(***) number of active employees 6,602 at YE20, down 14% y/y

  • Integration costs – Will stay clearly below the plan (incurred to date represent 88% of the plan)
  • Net synergies in a steady uptrend – with FY20 result >PLN100mn, above the plan, and 2021 expected to bring 2x higher result

FY20 synergies above the plan

Operating efficiency improvements

Net synergies expected to double in 2021

2020 integration costs and synergies (pre-tax) (mn PLN)

 

Integration costs (pre-tax) (mn PLN)

 

Gross synergies (pre-tax) (PLNmn)

 

Targeted gross synergies and integration costs (pre-tax) (PLNmn)

FY20 synergies above the plan:
Integration costs

Will stay clearly below the plan (incurred to date represent 88% of the plan)

Net synergies in a steady uptrend

with FY20 result >PLN100mn, above the plan, and 2021 expected to bring 2x higher result

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