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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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Consolidated Income Statement for the year ended 31 December (million)

2013 2014 2015 2016 2017
Net interest income 2,042.6 2,330.2 2,467.1 2,953.4 3,452.8
Interest income 3,614.7 3,724.5 3,628.6 3,922.9 4,302.5
Interest on loans and receivables to other banks, including: 105.4 92.6 62.8 51.2 56.2
interest on accounts and deposits 87.7 69.6 48.3 47.2 49.8
interest on loans and advances 3.8 1.8 1.5 1.3 6.1
interest on other receivables 13.9 21.2 13.0 2.7 0.3
Interest on loans and receivables to customers. including: 2,693.6 2,807.2 2,859.2 3,125.3 3,553.1
interest on loans and advances 2,451.3 2,547.0 2,618.9 2,865.8 3,253.1
interest on leasing agreements 154.7 168.3 165.6 171.7 189.6
interest on factoring agreements 85.8 90.0 73.6 87.4 110.2
interest on other receivables 1.8 1.9 1.1 0.4 0.2
Interest on repo transactions made with customers 11.6 15.1 8.0 9.6 2.4
Interest on financial assets held for trading 26.8 23.2 25.3 17.5 18.1
Interest on available-for-sale financial assets 736.2 748.7 562.7 510.4 442.9
Interest on financial assets held to maturity 0.0 0.0 78.3 133.3 207.5
Net interest income on derivatives 41.1 37.7 32.3 75.6 22.3
Interest on debt securities designated as fair value at initial recognition 0.0 0.0 0.0 0.0 0.0
Interest expenses 1,572.1 1,394.3 1,161.5 969.5 849.7
Interest on deposits from other banks. including: 80.4 90.3 65.2 44.6 60.9
interest on accounts and deposits 28.6 26.3 23.7 11.2 16.6
interest on loans 38.4 32.3 24.3 17.4 13.1
interest on other payables 13.4 31.7 17.2 16.0 31.2
Interest on deposits from customers. including: 1,454.2 1,278.2 1,070.9 889.8 752.1
interest on deposits 1,447.9 1,272.5 1,067.2 887.3 750.0
interest on other payables 6.3 5.7 3.7 2.5 2.1
Interest on repo transactions made with customers 10.0 3.2 0.4 0.2 0.7
Interest on issue of debt securities 24.4 20.5 23.7 22.7 21.9
Interest on subordinated liabilities 0.0 0.0 0.0 11.2 12.5
Interest on financial liabilities held for trading 3.1 2.1 1.3 1.0 1.6
Net commission income 1,021.9 1,062.9 1,017.2 1,064.8 1,182.8
Commission income 1,109.9 1,168.2 1,134.7 1,201.3 1,338.4
transaction margin on currency exchange transactions 260.2 282.1 284.1 281.5 343.1
account maintenance fees 254.7 246.4 246.6 252.0 273.2
lending commissions 194.2 210.0 221.1 250.4 263.4
payment and credit cards fees 184.5 142.9 57.5 115.6 113.3
participation units distribution fees 75.4 85.6 100.4 88.9 101.4
insurance product offering commissions 5.3 52.3 64.2 49.9 67.7
factoring and lease agreements commissions 26.3 30.8 34.2 43.4 49.1
brokerage activity fees 46.3 43.1 46.2 29.1 24.0
fiduciary and custodian fees 30.9 30.1 26.4 24.6 28.5
foreign commercial business 16.0 17.7 19.9 24.0 29.7
agency in financial instruments transactions 3.2 7.3 11.7 13.3 10.1
other 12.9 19.9 22.4 28.6 34.9
Commission expenses 88.0 105.3 117.5 136.5 155.6
commission paid on intermediation in selling deposit 15.7 18.1 30.5 37.0 42.2
brokerage activity fees 15.9 14.9 16.2 13.6 13.1
commission paid on disclosing credit information 7.4 11.3 12.1 15.4 15.7
commission paid on cash handling services 10.2 10.5 11.3 12.6 12.6
electronic banking services fees 6.2 7.3 7.2 10.1 9.7
commission paid on trading in securities 8.0 9.1 8.3 8.0 10.2
costs of the National Clearing House (KIR) 6.5 7.5 7.3 8.1 9.1
agency in financial instruments transactions 2.9 8.5 6.8 8.1 10.7
lease agreements fees 0.3 0.5 0.4 0.5 0.5
other 14.9 17.6 17.4 23.1 31.8
Other income 225.9 139.4 293.8 306.3 120.3
Net income on financial instruments at fair value through profit or loss and FX result 75.5 94.4 85.1 57.2 79.9
Net income on financial assets and liabilities held for trading, including: 88.1 76.7 -2.4 27.5 22.0
Net income on debt instruments 27.1 5.5 5.1 25.0 19.9
Net income on derivatives. including: 61.0 71.2 -7.5 2.5 2.1
currency derivatives 53.1 41.7 -41.6 7.9 -24.3
interest rate derivatives 5.1 28.2 34.0 -5.4 26.4
securities derivatives 2.8 1.3 0.1 0.0 0.0
Net income on financial assets and liabilities measured at fair value upon initial recognition 0.0 0.0 0.0 0.0 0.0
FX result -12.6 17.7 87.5 29.7 57.9
Net income on investments 97.7 15.8 165.0 232.3 46.6
Net income on equity instruments 0.5 6.5 23.1 189.6 12.3
Net income on debt instruments 93.8 5.3 54.3 37.1 28.0
Dividend income 3.4 4.0 87.6 5.6 6.3
Dividend income 0.0 0.0 0.0 0.0 0.0
Net income on hedge accounting 32.0 8.9 22.9 -2.6 -9.2
Net income on other basic activities 20.7 20.3 20.8 19.4 3.0
Net income on basic activities 3,290.4 3,532.5 3,778.1 4,324.5 4,755.9
General and administrative expenses 1,868.4 1,929.7 2,155.7 2,099.2 2,122.6
Personnel expenses. including: 926.6 947.5 972.0 1 039.3 1 035.8
wages and salaries 776.1 794.8 811.9 869.6 857.8
employee benefits 150.5 152.7 160.1 169.7 178.0
Cost of marketing and promotion 98.0 109.7 117.1 95.0 93.7
Depreciation and amortisation. including: 164.0 175.1 189.2 210.6 182.3
on property, plant and equipment 90.1 101.7 105.9 107.0 109.1
on intangible assets 73.9 73.4 83.3 103.6 73.2
Other general and administrative expenses. including: 679.8 697.4 877.4 754.3 810.8
maintenance, refurbishment and rental of buildings 250.5 266.2 253.3 255.1 265.8
IT costs 125.8 103.0 89.6 77.1 78.3
consulting 75.4 68.8 70.6 69.4 69.2
material and leasing costs 59.4 68.5 52.1 47.4 91.7
obligatory Bank Guarantee Fund payments 49.3 54.1 261.3 143.9 145.7
cash handling services 39.0 37.3 28.2 20.7 19.2
other 80.4 99.5 122.3 140.7 140.9
Impairment losses and provisions for off-balance sheet liabilities 267.2 267.7 232.1 300.6 421.2
Increase in impairment losses and provisions 694.5 644.5 918.2 990.1 955.2
Reversed impairment losses and provisions -427.3 -376.8 -686.1 -689.5 -534.0
Tax on certain financial institutions 0.0 0.0 0.0 280.2 330.1
Share in net profit (loss) of associated entities recognised under the equity method 38.1 12.3 0.0 0.0 0.0
Gross profit 1,192.9 1,347.4 1,390.3 1,644.5 1,882.0
Income tax 231.4 306.6 263.2 391.4 478.9
Net profit attributable to non-controlling interests 0.0 0.1 0.1 0.1 0.0
Net profit attributable to shareholders of ING Bank Śląski S.A. 961.5 1,040.7 1,127.0 1,253.0 1,403.1
Net profit attributable to shareholders of ING Bank Śląski S.A. 961.5 1 040.7 1 127.0 1 253.0 1 403.1
Weighted average number of ordinary shares (million) 130,100,000 130,100,000 130,100,000 130,100,000 130,100,000
Earnings per ordinary share (PLN) 7.39 8.00 8.66 9.63 10.78

Consolidated Income Statement for the year ended 31 December (million)

2013 2014 2015 2016 2017
Net interest income 485.1 556.2 589.5 675.0 813.4
Interest income 858.4 889.1 867.1 896.5 1 013.6
Interest on loans and receivables to other banks, including: 25.0 22.1 15.0 11.7 13.2
interest on accounts and deposits 20.8 16.6 11.5 10.8 11.7
interest on loans and advances 0.9 0.4 0.4 0.3 1.4
interest on other receivables 3.3 5.1 3.1 0.6 0.1
Interest on loans and receivables to customers, including: 639.7 670.1 683.2 714.2 837.1
interest on loans and advances 582.1 608.0 625.8 654.9 766.4
interest on leasing agreements 36.7 40.2 39.6 39.2 44.7
interest on factoring agreements 20.4 21.5 17.6 20.0 26.0
interest on other receivables 0.4 0.5 0.3 0.1 0.0
Interest on repo transactions made with customers 2.8 3.6 1.9 2.2 0.6
Interest on financial assets held for trading 6.4 5.5 6.0 4.0 4.3
Interest on available-for-sale financial assets 174.8 178.7 134.5 116.6 104.3
Interest on financial assets held to maturity 0.0 0.0 18.7 30.5 48.9
Net interest income on derivatives 9.8 9.0 7.7 17.3 5.3
Interest on debt securities designated as fair value at initial recognition 0.0 0.0 0.0 0.0 0.0
Interest expenses 373.3 332.8 277.6 221.6 200.2
Interest on deposits from other banks, including: 19.1 21.6 15.6 10.2 14.3
interest on accounts and deposits 6.8 6.3 5.7 2.6 3.9
interest on loans 9.1 7.7 5.8 4.0 3.1
interest on other payables 3.2 7.6 4.1 3.7 7.4
Interest on deposits from customers, including: 345.3 305.1 255.9 203.4 177.2
interest on deposits 343.8 303.8 255.0 202.8 176.7
interest on other payables 1.5 1.4 0.9 0.6 0.5
Interest on repo transactions made with customers 2.4 0.8 0.1 0.0 0.2
Interest on issue of debt securities 5.8 4.9 5.7 5.2 5.2
Interest on subordinated liabilities 0.0 0.0 0.0 2.6 2.9
Interest on financial liabilities held for trading 0.7 0.5 0.3 0.2 0.4
Net commission income 242.7 253.7 243.1 243.3 278.7
Commission income 263.6 278.9 271.1 274.5 315.3
transaction margin on currency exchange transactions 61.8 67.3 67.9 64.3 80.8
account maintenance fees 60.5 58.8 58.9 57.6 64.4
lending commissions 46.1 50.1 52.8 57.2 62.1
payment and credit cards fees 43.8 34.1 13.7 26.4 26.7
participation units distribution fees 17.9 20.4 24.0 20.3 23.9
insurance product offering commissions 1.3 12.5 15.3 11.4 15.9
factoring and lease agreements commissions 6.2 7.4 8.2 9.9 11.6
brokerage activity fees 11.0 10.3 11.0 6.7 5.7
fiduciary and custodian fees 7.3 7.2 6.3 5.6 6.7
foreign commercial business 3.8 4.2 4.8 5.5 7.0
agency in financial instruments transactions 0.8 1.7 2.8 3.0 2.4
other 3.1 4.8 5.4 6.5 8.2
Commission expenses 20.9 25.1 28.1 31.2 36.7
commission paid on intermediation in selling deposit products 3.7 4.3 7.3 8.5 9.9
brokerage activity fees 3.8 3.6 3.9 3.1 3.1
commission paid on disclosing credit information 1.8 2.7 2.9 3.5 3.7
commission paid on cash handling services 2.4 2.5 2.7 2.9 3.0
electronic banking services fees 1.5 1.7 1.7 2.3 2.3
commission paid on trading in securities 1.9 2.2 2.0 1.8 2.4
costs of the National Clearing House (KIR) 1.5 1.8 1.7 1.9 2.1
agency in financial instruments transactions 0.7 2.0 1.6 1.9 2.5
lease agreements fees 0.1 0.1 0.1 0.1 0.1
other 3.5 4.2 4.2 5.3 7.5
Other income 53.6 33.3 70.2 70.0 28.3
Net income on financial instruments at fair value through profit or loss and FX result 17.9 22.5 20.3 13.1 18.8
Net income on financial assets and liabilities held for trading, including: 20.9 18.3 -0.6 6.3 5.2
Net income on debt instruments 6.4 1.3 1.2 5.7 4.7
Net income on derivatives, including: 14.5 17.0 -1.8 0.6 0.5
currency derivatives 12.6 10.0 -9.9 1.8 -5.7
interest rate derivatives 1.2 6.7 8.1 -1.2 6.2
securities derivatives 0.7 0.3 0.0 0.0 0.0
Net income on financial assets and liabilities measured at fair value upon initial recognition 0.0 0.0 0.0 0.0 0.0
FX result -3.0 4.2 20.9 6.8 13.6
Net income on investments 23.2 3.8 39.4 53.1 11.0
Net income on equity instruments 0.1 1.6 5.5 43.3 2.9
Net income on debt instruments 22.3 1.3 13.0 8.5 6.6
Dividend income 0.8 1.0 20.9 1.3 1.5
Impairment losses 0.0 0.0 0.0 0.0 0.0
Net income on hedge accounting 7.6 2.1 5.5 -0.6 -2.2
Net income on other basic activities 4.9 4.8 5.0 4.4 0.7
Net income on basic activities 781.4 843.2 902.8 988.3 1 120.4
General and administrative expenses 443.7 460.6 515.1 479.7 500.1
Personnel expenses, including: 220.0 226.2 232.3 237.5 244.0
wages and salaries 184.3 189.7 194.0 198.7 202.1
employee benefits 35.7 36.5 38.3 38.8 41.9
Cost of marketing and promotion 23.3 26.2 28.0 21.7 22.1
Depreciation and amortisation, including: 38.9 41.8 45.2 48.1 42.9
on property, plant and equipment 21.4 24.3 25.3 24.5 25.7
on intangible assets 17.5 17.5 19.9 23.7 17.2
Other general and administrative expenses, including: 161.4 166.5 209.7 172.4 191.0
maintenance, refurbishment and rental of buildings 59.5 63.5 60.5 58.3 62.6
IT costs 29.9 24.6 21.4 17.6 18.4
consulting 17.9 16.4 16.9 15.9 16.3
material and leasing costs 14.1 16.4 12.4 10.8 21.6
obligatory Bank Guarantee Fund payments 11.7 12.9 62.4 32.9 34.3
cash handling services 9.3 8.9 6.7 4.7 4.5
other 19.1 23.8 29.2 32.2 33.2
Impairment losses and provisions for off-balance sheet liabilities 63.5 63.9 55.5 68.7 99.2
Increase in impairment losses and provisions 164.9 153.8 219.4 226.3 225.0
Reversed impairment losses and provisions -101.5 -89.9 -164.0 -157.6 -125.8
Tax on certain financial institutions 0.0 0.0 0.0 64.0 77.8
Share in net profit (loss) of associated entities recognised under the equity method 9.0 2.9 0.0 0.0 0.0
Gross profit 283.3 321.6 332.2 375.8 443.4
Income tax 55.0 73.2 62.9 89.4 112.8
Net profit attributable to non-controlling interests 0.0 0.0 0.0 0.0 0.0
Net profit attributable to shareholders of ING Bank Śląski S.A. 228.3 248.4 269.3 286.4 330.6
 
Net profit attributable to shareholders of ING Bank Śląski S.A. 228.3 248.4 269.3 286.4 330.6
Weighted average number of ordinary shares (million) 130,100,000 130,100,000 130,100,000 130,100,000 130,100,000
Earnings per ordinary share (PLN) 1.76 1.91 2.07 2.20 2.54

Consolidated Income Statement for the year ended 31 December (million)

2013 2014 2015 2016 2017
Net interest income 645.3 732.1 650.5 744.3 922.2
Interest income 1,142.0 1,170.2 956.7 988.6 1,149.2
Interest on loans and receivables to other banks, including: 33.3 29.1 16.6 12.9 15.0
interest on accounts and deposits 27.7 21.9 12.7 11.9 13.3
interest on loans and advances 1.2 0.6 0.4 0.3 1.6
interest on other receivables 4.4 6.7 3.4 0.7 0.1
Interest on loans and receivables to customers, including: 851.0 882.0 753.8 787.6 949.0
interest on loans and advances 774.4 800.2 690.5 722.2 868.9
interest on leasing agreements 48.9 52.9 43.7 43.3 50.6
interest on factoring agreements 27.1 28.3 19.4 22.0 29.4
interest on other receivables 0.6 0.6 0.3 0.1 0.1
Interest on repo transactions made with customers 3.7 4.7 2.1 2.4 0.6
Interest on financial assets held for trading 8.5 7.3 6.7 4.4 4.8
Interest on available-for-sale financial assets 232.6 235.2 148.4 128.6 118.3
Interest on financial assets held to maturity 0.0 0.0 20.6 33.6 55.4
Net interest income on derivatives 13.0 11.8 8.5 19.1 6.0
Interest on debt securities designated as fair value at initial recognition 0.0 0.0 0.0 0.0 0.0
Interest expenses 496.7 438.1 306.2 244.3 227.0
Interest on deposits from other banks, including: 25.4 28.4 17.2 11.2 16.3
interest on accounts and deposits 9.0 8.3 6.2 2.8 4.4
interest on loans 12.1 10.1 6.4 4.4 3.5
interest on other payables 4.2 10.0 4.5 4.0 8.3
Interest on deposits from customers, including: 459.4 401.6 282.4 224.2 200.9
interest on deposits 457.4 399.8 281.4 223.6 200.3
interest on other payables 2.0 1.8 1.0 0.6 0.6
Interest on repo transactions made with customers 3.2 1.0 0.1 0.1 0.2
Interest on issue of debt securities 7.7 6.4 6.2 5.7 5.8
Interest on subordinated liabilities 0.0 0.0 0.0 2.8 3.3
Interest on financial liabilities held for trading 1.0 0.7 0.3 0.3 0.4
Net commission income 322.8 333.9 268.2 268.3 315.9
Commission income 350.6 367.0 299.2 302.7 357.5
transaction margin on currency exchange transactions 82.2 88.6 74.9 70.9 91.6
account maintenance fees 80.5 77.4 65.0 63.5 73.0
lending commissions 61.4 66.0 58.3 63.1 70.4
payment and credit cards fees 58.3 44.9 15.2 29.1 30.3
participation units distribution fees 23.8 26.9 26.5 22.4 27.1
insurance product offering commissions 1.7 16.4 16.9 12.6 18.1
factoring and lease agreements commissions 8.3 9.7 9.0 10.9 13.1
brokerage activity fees 14.6 13.5 12.2 7.3 6.4
fiduciary and custodian fees 9.8 9.5 7.0 6.2 7.6
foreign commercial business 5.1 5.6 5.2 6.0 7.9
agency in financial instruments transactions 1.0 2.3 3.1 3.4 2.7
other 4.1 6.3 5.9 7.2 9.3
Commission expenses 27.8 33.1 31.0 34.4 41.6
commission paid on intermediation in selling deposit products 5.0 5.7 8.0 9.3 11.3
brokerage activity fees 5.0 4.7 4.3 3.4 3.5
commission paid on disclosing credit information 2.3 3.6 3.2 3.9 4.2
commission paid on cash handling services 3.2 3.3 3.0 3.2 3.4
electronic banking services fees 2.0 2.3 1.9 2.5 2.6
commission paid on trading in securities 2.5 2.9 2.2 2.0 2.7
costs of the National Clearing House (KIR) 2.1 2.4 1.9 2.0 2.4
agency in financial instruments transactions 0.9 2.7 1.8 2.0 2.9
lease agreements fees 0.1 0.2 0.1 0.1 0.1
other 4.7 5.5 4.6 5.8 8.5
Other income 71.4 43.8 77.5 77.2 32.1
Net income on financial instruments at fair value through profit or loss and FX result 23.9 29.7 22.4 14.4 21.3
Net income on financial assets and liabilities held for trading, including: 27.8 24.1 -0.6 6.9 5.9
Net income on debt instruments 8.6 1.7 1.3 6.3 5.3
Net income on derivatives, including: 19.3 22.4 -2.0 0.6 0.6
currency derivatives 16.8 13.1 -11.0 2.0 -6.5
interest rate derivatives 1.6 8.9 9.0 -1.4 7.1
securities derivatives 0.9 0.4 0.0 0.0 0.0
Net income on financial assets and liabilities measured at fair value upon initial recognition 0.0 0.0 0.0 0.0 0.0
FX result -4.0 5.6 23.1 7.5 15.5
Net income on investments 30.9 5.0 43.5 58.5 12.4
Net income on equity instruments 0.2 2.0 6.1 47.8 3.3
Net income on debt instruments 29.6 1.7 14.3 9.3 7.5
Dividend income 1.1 1.3 23.1 1.4 1.7
Impairment losses 0.0 0.0 0.0 0.0 0.0
Net income on hedge accounting 10.1 2.8 6.0 -0.7 -2.5
Net income on other basic activities 6.5 6.4 5.5 4.9 0.8
Net income on basic activities 1,039.5 1,109.8 996.1 1,089.8 1,270.3
General and administrative expenses 590.3 606.3 568.4 529.0 566.9
Personnel expenses, including: 292.7 297.7 256.3 261.9 276.7
wages and salaries 245.2 249.7 214.1 219.2 229.1
employee benefits 47.5 48.0 42.2 42.8 47.5
Cost of marketing and promotion 31.0 34.5 30.9 23.9 25.0
Depreciation and amortisation, including: 51.8 55.0 49.9 53.1 48.7
on property, plant and equipment 28.5 32.0 27.9 27.0 29.1
on intangible assets 23.3 23.1 22.0 26.1 19.6
Other general and administrative expenses, including: 214.8 219.1 231.3 190.1 216.6
maintenance, refurbishment and rental of buildings 79.1 83.6 66.8 64.3 71.0
IT costs 39.7 32.4 23.6 19.4 20.9
consulting 23.8 21.6 18.6 17.5 18.5
material and leasing costs 18.8 21.5 13.7 11.9 24.5
obligatory Bank Guarantee Fund payments 15.6 17.0 68.9 36.3 38.9
cash handling services 12.3 11.7 7.4 5.2 5.1
other 25.4 31.3 32.2 35.5 37.6
Impairment losses and provisions for off-balance sheet liabilities 84.4 84.1 61.2 75.8 112.5
Increase in impairment losses and provisions 219.4 202.5 242.1 249.5 255.1
Reversed impairment losses and provisions -135.0 -118.4 -180.9 -173.8 -142.6
Tax on certain financial institutions 0.0 0.0 0.0 70.6 88.2
Share in net profit (loss) of associated entities recognised under the equity method 12.0 3.9 0.0 0.0 0.0
Gross profit 376.9 423.3 366.6 414.4 502.7
Income tax 73.1 96.3 69.4 98.6 127.9
Net profit attributable to non-controlling interests 0.0 0.0 0.0 0.0 0.0
Net profit attributable to shareholders of ING Bank Śląski S.A. 303.8 327.0 297.1 315.8 374.8
 
Net profit attributable to shareholders of ING Bank Śląski S.A. 303.8 327.0 297.1 315.8 374.8
Weighted average number of ordinary shares (million) 130,100,000 130,100,000 130,100,000 130,100,000 130,100,000
Earnings per ordinary share (PLN) 2.3 2.5 2.3 2.4 2.9

 

Profit before tax and net profit

 

In 2017, the ING Bank Śląski S.A. Group posted the net profit attributable to the shareholders of the parent entity of PLN 1,403.1 million. This is the all-time high result of the Bank. It shows that the net income improved by 12.0%  from 2016.

The parent entity, i.e. the Bank, is its primary contributor. It accounts for 95.0% of the result before consolidation adjustments.

 

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Profit before tax and net profit of ING Bank Śląski S.A. Group (million)

Profit before tax and net profit of ING Bank Śląski S.A. Group (million)

Profit before tax and net profit of ING Bank Śląski S.A. Group (million)

In communication with our stakeholders we make sure that the business and financial data disclosed are clear and transparent; we try not to leave any question unanswered and to explain one-off events on an ongoing basis. We believe that the understanding of our historical performance and market trends is the key to assess our business strategy and our development perspectives.
Iza Rokicka
Investor Relations Bureau Director

The result before tax was PLN 1,882.0 million and it went up by 14.4% from 2016. Upon eliminating the following one-off factors:

  • profit from sale of capital investments:
    • Visa Europe in Q2 2016 of PLN 189.6 million,
    • Visa Inc. in Q2 2017 of PLN 11.9 million,
  • extraordinary contribution to BGF stemming from the bankruptcy of the Cooperative Bank in Nadarzyn of PLN 12.2 million in Q4 2016,

 

its recurring level in 2017 would be PLN 1,870.1 million. Improvement of PLN 403.0 million (or 27.5%) from 2016 was most fuelled by:

  • higher net interest income (up by PLN 499.4 million, or 16.9%) and
  • better net commission income (up by PLN 118.0 million, or 11.1%).

 

Whereas, the negative factors impacting the result before tax when compared with 2016 were:

  • higher impairment losses and provisions (up by PLN 120.6 million, or 40.1%)
  • higher bank levy(up. by 49.9 million, or 17.8%) and
  • higher operating expenses (up by PLN 35.6 million, or 1.7%).
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Change drivers for result before tax of ING Bank Śląski S.A. Group in 2017 versus 2016 (million)

Change drivers for result before tax of ING Bank Śląski S.A. Group in 2017 versus 2016 (million)

Change drivers for result before tax of ING Bank Śląski S.A. Group in 2017 versus 2016 (million)

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In 2017, total income of the ING Bank Śląski S.A. Group attributable to shareholders of the parent entity (including, apart from net profit, other items of income and expenses recognised in equity) stood at PLN 1 319.1 million versus PLN 355.0 million in 2016.

Income

In 2017, total revenue of the ING Bank Śląski S.A. Group closed with PLN 4,755.9 million. This betokens improvement of PLN 431.4 million (or 10%) from 2016, fuelled by a higher net interest income first and foremost. Its share in total revenue went up by 4.3 p.p. y/y to 72.6%.

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

1including the share in net profits of affiliated entities recognised on an equity basis.

1including the share in net profits of affiliated entities recognised on an equity basis.

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

1including the share in net profits of affiliated entities recognised on an equity basis.

1including the share in net profits of affiliated entities recognised on an equity basis.

In 2017, the corporate segment was the main income growth contributor. Its income rose by PLN 240.1 million or 13.0% arriving at PLN 2,092.5 million. As a result, its share in the structure rose by 1.2 p.p. to 44.0%. The income of the retail segment rose by PLN 191.3 million or 7.7% arriving at PLN 1,663.4 million. The lower growth was caused by a one-off factor from 2016 – income on settlement of the Visa Europe transaction increased the result of the retail segment by PLN 189.1 million.

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

1including the share in net profits of affiliated entities recognised on an equity basis.

1including the share in net profits of affiliated entities recognised on an equity basis.

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

1including the share in net profits of affiliated entities recognised on an equity basis.

1including the share in net profits of affiliated entities recognised on an equity basis.

Net interest income

In 2017, the interest income built up by 9.7% from 2016, mainly in consequence of higher interest on loans and other receivables. On the other hand, interest expenses fell by 12.4% y/y, first and foremost, due to lower costs of customer liabilities.

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

kantor  Change currency: PLNEURUSD

PLN million

EUR million

USD million

In 2017, higher interest income accompanied by lower interest expenses made the net interest income improve by PLN 499.4 million (or 16.9%) to PLN 3,452.8 million.

kantor  Change currency: PLNEURUSD

Net interest income (million) and interest margin versus average 3M WIBOR

Net interest income (million) and interest margin versus average 3M WIBOR

Net interest income (million) and interest margin versus average 3M WIBOR

As in 2016, 2017 saw the NBP reference rate keep the level of 1.5%. Despite record low interest rates, net interest income went up. This was the upshot of both higher business volumes – net lending portfolio up by PLN 9.5 billion (or 12.1% y/y) and the total liabilities to customers by PLN 8.7 billion (or 9.1% y/y) plus the improved interest margin.

Marking to market of the deposit offer in H2 2016, a growing share of high-margin assets (PLN loans first and foremost) and a higher L/D ratio translated into a higher 2017 interest margin (up by 26bp y/y to 2.94%).

L/D ratio

Net commission income

In 2017, the net commission income of the ING Bank Śląski S.A. Group augmented by PLN 118.0 million or 11.1% from 2016, and settled at PLN 1,182.8 million.

The highest commission income growth was noticed in:

  • the FX transaction spreads: up by PLN 61.6 million or 21.9% y/y to PLN 343.1 million. This was the effect of higher transactional volumes of both retail and corporate clients, shored up by the launch of a new service facilitating foreign currency exchange – the exchange office platform.
  • account maintenance: a rise by PLN 21.2 million or 8.4% y/y to PLN 273.2 million due to a higher number of clients and higher volumes of their transactions.
  • insurance products: up by PLN 17.8 million or 35.7% y/y to PLN 67.7 million. This followed a low 2016 base. In 2016, the PFSA Recommendation U took effect. It brought changes to the structure of products offered to clients due to a temporary negative impact on the Bank’s income.
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Net commission income (million)

Net commission income (million)

Net commission income (million)

Other income

In 2017, other income of the Group was PLN 120.3 million and it was lower by PLN 186.0 million compared with the previous year. Notably in 2016, but also 2017, one-off trades had a significant impact on its level. In 2016, one-off income stood at PLN 189.6 million and it resulted from the Visa Europe transaction settlement (Q2 2016). In 2017, the Bank sold shares of Visa Inc. In consequence of that transaction settlement, the one-off income was PLN 11.9 million (Q2 2017).

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Other income1 (million)

Other income1 (million)

Other income1 (million)

 

1including the share in net profits of affiliated entities recognised on an equity basis;
2dividends of PLN 82.1 million from ING PTE in Q2 2015, income on sale of ING PTE of PLN 18.4 million in Q3 2015; income of PLN 189.6 million under the VISA Europe transaction in Q2 2016 and income of PLN 11.9 million under the Visa Inc. transaction in Q2 2017;

General and administrative expenses

In 2017, the general and administrative expenses of the ING Bank Śląski S.A. Group went up by 1.1% y/y to PLN 2,122.6 million. The 2016 costs were raised by a one-off event – additional costs of the Bank GuaranteeFund contribution in the amount PLN 12.2 million due to the bankruptcy of the Cooperative Bank in Nadarzyn.

Upon excluding the one-off events from general and administrative expenses, the recurring costs went up by 1.7% y/y following the higher operating and administrative costs.

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General and administrative expenses (million)

General and administrative expenses (million)

General and administrative expenses (million)

The operating costs of the retail segment rose by PLN 29.8 million y/y (+2.4%) to PLN 1,265.4 million. The operating costs of the corporate segment dropped by PLN 6.4 million y/y (-0.7%) to PLN 857.3 million. As a result, the share of the retail segment in costs rose by 0.8 p.p. to 59.6% from 2016.

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General and administrative expenses by segment (million)

General and administrative expenses by segment (million)

General and administrative expenses by segment (million)

 

 

Structure of general and administrative expenses

Because of a faster growth rate of income and general and administrative expenses, the efficiency ratio – C/I ratio – improved. In 2017, it was 44.6% or  3.9 p.p. lower than in 2016. Upon excluding the one-off events from income and costs of the Group, the adjusted C/I ratio was 44.7% or improved by 5.7 p.p. y/y.

 

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Income1 versus general and administrative expenses (million) and C/I ratio

Income1 versus general and administrative expenses (million) and C/I ratio

Income1 versus general and administrative expenses (million) and C/I ratio

1including the share in net profits of affiliated entities recognised on an equity basis;

2adjusted for one-off trades: Income – dividend of PLN 82.1 million from ING PTE in Q2 2015, income of PLN 18.4 million from the disposal of ING PTE shares in Q3 2015 and positive impact of PLN 189.6 million under the Visa Europe transaction in Q2 2016 and positive impact of PLN 11.9 million under the Visa Inc. transaction in Q2 2017; Costs – PLN 157.4 million of extraordinary contribution to BGF stemming from the SK Bank bankruptcy in Q4 2015, PLN 6.4 million of contribution to the Mortgage Support Fund in Q4 2015 and PLN 12.2 million of extraordinary contribution to BGF under the bankruptcy of the Cooperative Bank in Nadarzyn;

Impairment losses and provisions

2017 saw a growth in the risk costs margin ratio (net loan loss provisions to the gross lending portfolio) from 0.40% in 2016 to 0.50%; this was caused by a higher ratio in the corporate segment – up from 0.36% in 2016 to 0.53% in 2017. In the retail segment – the risk costs margin dropped marginally from 0.46% in 2016 to 0.45% in 2017.

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Consolidated net impairment losses for financial assets

Consolidated net impairment losses for financial assets

Consolidated net impairment losses for financial assets

In 2017, a higher risks costs margin in the corporate segment was driven by a lower scale of releases of impairment losses y/y and several new exposures classified to the impaired portfolio (exposures to entities not related to each other, from various sectors of the economy). 2017 saw three transactions made by our bank concerning the sale of corporate receivables classified as impaired or fully derecognised loans. All transactions positively impacted impairment losses totalling PLN 36.1 million (PLN 28.1 million in 2016).

In the retail segment, in 2016, the Bank established an additional IBNR provision of PLN 31.8 million for the FX mortgage loan portfolio. Upon adjusting the balance of impairment losses with the same amount, in 2017, the risk costs margin went up by 12 b.p. y/y, among others due to the rising share of unsecured loans in the portfolio of retail loans. In 2017, we made sale transactions of retail receivables classified as impaired loans. The transaction positively impacted impairment losses totalling PLN 11.0 million (PLN 23.0 million in 2016).

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kantor  Change currency: PLNEURUSD

The quality of the lending portfolio was described in Chapter “Bank and client safety” under “Credit risk”.

Tax on certain financial institutions

In 2017, the ING Bank Śląski S.A. Group paid the tax on certain financial institutions (the so-called bank levy) of PLN 330.1 million. It was PLN 49.9 million (or 17.8%) higher than in 2016 due to the fact that:

  • in keeping with the Act, the tax has been accrued monthly since February 2016. In other words, in 2017, the Bank paid the tax for 12 months, while in 2016 it was for 11 months,
  • a higher tax base. This follows a consistent growth in commercial volumes.

Income tax

In 2017, the ING Bank Śląski S.A. Group posted the income tax of PLN 478.9 million. It was 22.4% higher than in 2016. In 2017, the effective tax rate was 25.4% versus 23.8% the year before.

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Income tax (million) and effective tax rate

Income tax (million) and effective tax rate

Income tax (million) and effective tax rate

The higher 2017 tax rate resulted from the change to the Bank Guarantee Fund contributions. In 2016, the mandatory fee was tax deductible, while the prudential fee was not. In 2017 – in keeping with Article 16.1.71 of the Corporate Income Tax Act – neither the banks’ guarantee fund contribution nor the payment to the banks’ compulsory resolution fund were tax deductible.

These 2016 and 2017 increases in the effective tax rate were influenced by the bank levy, which under Article 16.1.70 of the Corporate Income Tax Act is not a tax deductible cost.

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