About report

For the second time now, the ING Bank Śląski S.A. Group has compiled the annual report in line with the best global practices of integrated reporting. To help readers use the interactive tools, we prepared a user guide with key features. We encourage you to watch a short animated video before reading the report.

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Ladies and Gentlemen,

I would like to present to you the annual report of the ING Bank Śląski S.A. Group for 2017. I do believe that our financial results and commercial performance will make you see that the Group and the Bank are heading in the right direction. We are putting great focus on customer needs, service quality, innovative products and services. With such an approach, we continue to cement our competitive position.

We focus on organic growth. Higher number of clients and their growing activity translate into higher business volumes and better financial results. The number of our clients has exceeded the 4.5 million mark. Nearly 4.2 million individual clients, more than 354,000 Entrepreneurs and over 55,000 corporate clients decided to put their trust in us. As the number of clients is growing, so is their satisfaction with our services. This is affirmed by the results of the NPS in which we are repeatedly listed among the leaders in the country.

4.5 million

Customer experience, service quality and competitiveness as well as cost optimisation are all inherently linked to digitalisation and mobility. We calibre our products and services to the today’s context of our clients – online, mobile and direct. We offered HCE payments and multicurrency payment cards to our individual clients; combined with Moje ING application, the multicurrency payment card helps our clients manage their money at any place of the world. Our multicurrency card is also available to the corporate clients. Thanks to the card, the corporate clients have access to funds in their companies’ foreign currency accounts all around the clock. Corporate clients also have access to contactless cards to make card transactions even faster.

We want to support our clients in their businesses and provide them with tools and solutions that make their business life easier. We activated an online tool for existing and prospective Entrepreneurs to test business ideas. The application allows them to gather concrete hints on how to channel their business. We were one of the first banks on the market to implement the service where clients can set up their own business, using the Trusted Profile without having to visit any office. All they need to do is use the Moje ING online banking system. We launched the Business Start Package, which includes a payment terminal and a leased car from the very first day clients start their business. We also support innovative enterprises who purchase technologies or implement in-house solutions. We have granted the highest number of technological loans under the cooperation agreement concluded with BGK. Entrepreneurs can use our e-Application to get a cash loan even if they are not our clients. We support the development of Polish start-ups and expand our offering for Entrepreneurs. We established cooperation with InviPay, a start-up that offers microfactoring.

With fast development of digital technology, the clients’ behaviours and expectations also change. In order to deliver new products and also improve our services, we implemented the Agile method. Agile is a way of working based on greater freedom and flexibility in defining the priorities and departing from stiff divisions into IT and business teams. It shortens time to market and enables faster response to changing client- and market needs. The in-house PACE Methodology is another important element to assist us in bringing new products to the market. It assumes work in small, independent and interdisciplinary scrums. PACE is based on direct bank-client cooperation to eliminate projects that do not respond to actual clients’ needs. It enables elimination of erroneous assumptions at each stage of works – from a vision to a prototype – and implementation of relevant solutions only.

Both Agile and PACE promote a customer-centred approach – this was also the leitmotif of the ING Group Global Hackathon in Poland. For 24 hours, 400 participants gathered in several dozens of teams worked on 55 ideas to enrich the ecosystem of ING financial system.

participants in the ING Group Global Hackathon in Poland

Digitalisation of banking services does our clients good. It enables them to move in the modern world more easily and effectively. Last year, our bank finalised the investment project with a fintech called Twisto; the project was rolled out by the Innovation Office that closely cooperates with fintechs. The project sought to launch a new online payment method onto the Polish market according to the rule “Buy now, pay later”.

Sustainability is a key element of the long-term value building strategy of our bank. Environment protection has a special place in our strategy, that is why in December 2017 we announced our Green Statement. In keeping with the Green Statement, projects aimed at protecting natural environment are our business priority. We will become more involved in funding green energy projects. At the same time, we will steadily downsize our product and lending exposure in the high-carbon business. We have continued implementing recommendations received from institutions representing disadvantaged people, including but not limited to the Polish Association of the Deaf and Integracja Foundation to remove barriers hindering access to our services. Together with our community partners, we took measures to promote financial education and entrepreneurship among children and young people. We received the Golden Banker in the Socially Sensitive Bank category for our achievements

Numerous awards and distinctions that we received in 2017 are testament to our achievements in performance, service quality, new solutions and technologies. I do hope that our digitalisation-related initiatives will be appreciated by our clients and shareholders in the future. In 2017, the Group was named, among others, the “Banking Star” by Dziennik Gazeta Prawna daily and PwC for overall performance in 2016 and the “2017 Service Quality Star” in the Banks category in the tenth edition of the Polish Service Quality Programme. Our solution for corporate clients, that is the remote account opening process for companies, was presented during the fall edition of Finovate – the most important international conference showcasing cutting-edge financial technologies. We are also recognised for our interaction with clients – we were distinguished as the “Most Digital Bank” for our online communication with clients via our website, online banking, mobile application and the social media. We shared our experience in modern technologies during Impact fintech’ 17, a congress on the future of finance.

Despite high competition on the market, our Group keeps growing and increasing its market shares. Customer receivables reached PLN 82.4 billion, up by PLN 9.5 billion throughout the year. This translates into an increase by 17.3% y/y, nearly twice as fast as the entire sector. 2017 was a very good year in the retail loan business. The sale of mortgage loans hit a record PLN 6.7 billion which gave us a market share of 15.3% in terms of sales. The sale of cash loans also saw dynamic growth. In 2017, it went up by 10% y/y, reaching PLN 4.3 billion. The share in the sale of retail loans via direct channels grew markedly. We sold as much as 66% of cash loans via the internet channel.

PLN 6.7 billion
sale of mortgage loans in 2017

We put much focus on the savings- and investment offering for our clients. Client deposits exceeded PLN 100 billion (up by 9.1% y/y). We increased the sales of investment products, mainly participation units of mutual funds and the products offered by our brokerage office.

Factoring and leasing remain important elements of our offer. We provide those services via our subsidiaries – ING Commercial Finance Polska and ING Lease (Polska) Sp. z o.o. ING Commercial Finance Polska was able to keep its leading position on the factoring market in Poland. The sales of that company totalled PLN 27.8 billion (+14% y/y) which gives it a 15.0% market share. ING Lease (Polska) also has a strong position on the leasing market with a market share of 5.5%. In 2017, sales amounted to PLN 3.7 billion, up by as much as 23.3% y/y.

Even though lending is growing dynamically, the quality of the credit portfolio does not suffer. As at the 2017 yearend, the share of impaired receivables was 2.8% (up by 0.2 p.p. year on year). The figure is visibly lower than the average in the sector which is 5.9%. The Group maintains an adequate liquidity- and capital position. Loan to deposit ratio went up to 83.8% (up by 2.3 p.p.), remaining at a safe level. As at 2017 yearend, the total capital ratio stood at 16.7% (an improvement by 2.0 p.p. y/y) and the Tier 1 ratio was 15.8% (an improvement by 2.1 p.p. y/y) – those figures are clearly above the required minimum.

Growing scale of business translates into better financial results of the Group. We continued our efforts to improve efficiency. Cost to income ratio dropped to 44.6% (an improvement by 3.9 p.p. y/y). Despite a large one-off deal worth nearly PLN 190 million in 2016, the Group was able to improve its net result in 2017 by 12.0% to an all-time high PLN 1,403.1 million. Upon eliminating one-off events from the 2016- and 2017 results, the net profit would improve by 25.6% year on year.

2017 saw a high economic growth; however, its structure was not satisfactory. On the one hand, 2017 saw a high share of consumption and inventories, and on the other hand, it saw a low share of private investments. In 2018, we expect the high GDP growth rate to continue along with a growing importance of investment projects. Good economic situation was conducive to trades on the Warsaw Stock Exchange. WIG index gained 23.2%, a WIG-Banking grew by 35.4%. The price of ING Bank Śląski S.A. shares exceeded the PLN 200 mark, and closed 2017 at PLN 205.6.

ING Bank Śląski S.A. Group is an organization which respects ING Values: integrity, prudence and accountability. It is our promise to the world around us. To one another, we also promise to abide by ING Behaviours (You take it on and make it happen, You help others to be successful and You are always a step ahead). We shared our experience in that area during the Open Eyes Economy Summit, an international congress on value economy. For the eighth time we were honoured with the Top Employers Poland certificate which proves that we achieve the highest standards as employer. For the eleventh time the Bank was included in the stock exchange index of socially responsible companies: RESPECT Index. Our bank is among the eight companies – and is the only company from the finance industry – that have been continuously present in the RESPECT Index since its very beginning. We were also named the Leader in Business Ethics during the Responsible Business Awards Gala.

Looking forward, I have no doubt that the Group is well prepared to embrace the changes in the regulatory environment and competitive challenges, both in terms of capital- and liquidity position as well as in organisational terms. We want to be a trusted partner for our clients and build long-standing relationships with them. We will provide cutting edge and innovative products and services in response to technology development and the changing needs of our clients. I am convinced that this will help us welcome more clients and increase their satisfaction levels. This approach underpins further growth of the Group in key areas of focus.



Yours respectfully,

President of the Management Board

Jesteś w ścieżce klienta Jesteś w ścieżce pracownika Jesteś w ścieżce rynku i mediów

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