About report

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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Integrated Annual Report
of ING Bank Śląski S.A. 2019

Our presence on the capital market

Investor relations

ING Bank Śląski S.A. strives after the highest standards of capital market communications. The Bank pays particular attention to reliable and transparent information and to equal treatment of all stakeholders as well as observes all the laws regarding disclosure duties of listed companies. These tasks, among others, are carried out on the basis of principles of corporate governance and information policy (described in more detail in the chapter ING Bank Śląski S.A. Management Board report on observance of principles of corporate governance).

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Important financial and business information in the form of financial reports, current reports, investor presentations and editable files with key Bank data are presented to the broad capital market. The Investor Relations Bureau is responsible for investor, share analyst and rating agency’s communications.

In 2019, the representatives of the Management Board and the Investor Relations Bureau held over 45 individual and group meetings with investors and participated in key investor conferences.

Contact details to the Investor Relations Bureau
e-mail: investor@ing.pl
tel.: +48 (22) 820 44 16

As a rule, open meetings for investors, analysts and journalists are organised by the Investors Relations Bureau and Press Office once a quarter, at the quarterly report publication date. Each time, approximately 30 representatives of brokerage houses, investors and mass media attend such a conference. Conferences are broadcast live online and a record of such broadcast is later available for playback on the Investors Relations Bureau website.

The Bank pays a lot of attention to the quality of communication with stakeholders through its website. The website offers up-to-date information such as shares quotations on the WSE, company shareholding structure, General Meetings, dividend payout track or ratings. Current, interim and annual reports, results presentations, Excel sheets with key financial and business information are also published on the website. The website has been designed in the RWD technology, so it is adjusted to mobile devices – tablets and smartphones.

Our Bank is one of the companies that are watched and analysed by the market. As at 2019 yearend, analysts representing 11 domestic and foreign financial institutions published reports and recommendations for the ING Bank Śląski’s shares.

Structure of share recommendations for ING Bank Śląski S.A. as at 31 December 2019

2x Buy / Accumulate

5x Hold / Neutral

4x Reduce / Sell

PLN 198,22

Average target price for ING Bank Śląski S.A.’s shares as at 31 December 2019

The Investors Relations Bureau regularly updates the list of analysts’ recommendations together with the average target price as well as the market consensus based on the averaged expectations on the Investor Relations website and in a separate tab Analysts.

Expectations of analysts concerning consolidated result of ING Bank Śląski throughout 2019 (PLN million)

Share price

In 2019, the price of ING Bank Śląski S.A. shares at the close of the WSE session fluctuated from PLN 180.00 (as quoted on 3 January) to PLN 204.50 per share (as at 1 July). On 30 December 2019, the price of our Bank’s shares equalled PLN 202.50, up by 12.5% from the last quotation day in 2018 (to compare: WIG-Banking sub-index went down by 9.2% at that time).

As at 2019 yearend, the Bank’s market value arrived at PLN 26.3 billion, while the book value of the Group amounted to PLN 15.2 billion.

Our Bank has been listed in the WIG 30, mWIG 40 and WIG-ESG indexes since their beginnings. We have also been part of the RESPECT Index since its beginning until the end of the index listing in 2019.

 Change currency: PLNEURUSD
ING Bank Śląski S.A. shares data
2019 2018
Share price as at the yearend (PLN) 202,5 180,0
Top share price (PLN) 204,5 221,5
Bottom share price (PLN) 180,0 160,6
Number of shares 130 100 000 130 100 000
Yearend capitalization (PLN billion) 26,3 23,4
Average trading volume 7 860 11 711
Earnings per share in PLN 12,75 11,71
Share book value (PLN) 117,01 102,40
Dividend paid per share in the year (PLN) 3,5 3,2
P/E ratio (x)* 15,9 15,3
P/B ratio (x)* 1,7 1,8

* Ratio computed based on the share price at a given yearend.

ING Bank Śląski S.A. shares data
2019 2018
Share price as at the yearend (PLN) 47,6 41,9
Top share price (PLN) 48,2 53,4
Bottom share price (PLN) 41,8 37,1
Number of shares 130 100 000 130 100 000
Yearend capitalization (PLN billion) 6,2 5,4
Average trading volume 7 860 11 711
Earnings per share in PLN 2,96 2,74
Share book value (PLN) 27,48 23,81
Dividend paid per share in the year (PLN) 0,81 0,75
P/E ratio (x)* 15,9 15,3
P/B ratio (x)* 1,7 1,8

* Ratio computed based on the share price at a given yearend.

ING Bank Śląski S.A. shares data
2019 2018
Share price as at the yearend (PLN) 53,9 51,7
Top share price (PLN) 54,6 66,4
Bottom share price (PLN) 47,6 42,2
Number of shares 130 100 000 130 100 000
Yearend capitalization (PLN billion) 6,9 6,2
Average trading volume 7 860 11 711
Earnings per share in PLN 3,32 3,23
Share book value (PLN) 30,81 27,24
Dividend paid per share in the year (PLN) 0,91 0,88
P/E ratio (x)* 15,9 15,3
P/B ratio (x)* 1,7 1,8

* Ratio computed based on the share price at a given yearend.

ING Bank Śląski S.A. share quotations in 2019 versus comparable selected WSE indexes

ING Bank Śląski S.A. ratings

Our stable financial position is also confirmed by external credit ratings assigned to our bank. Our bank cooperates with two rating agencies: Fitch Ratings and Moody’s Investors Service.

Fitch Ratings assigns a full rating under the agreement between the Bank and the Agency. As at the 2019 annual report’s signing date, the ratings are as follows:

Fitch Ratings Ltd.
Long-Term IDR A
Outlook for sustaining the rating Stable
Short-Term IDR F1
Viability rating bbb+
Support rating 1
National Long-Term Rating AAA (pol)
Outlook for sustaining the above rating Stable
National Short-Term Rating F1+ (pol)

In the press release published on 7 October 2019, the Agency sustained the ratings assigned to the Bank. In the rationale, the Agency emphasised that the sustained ratings of the Bank reflect:

  • diversified business model,
  • prudent credit risk approach,
  • strong equity position,
  • stable source of financing of the bank.

The Moody’s Investors Service Agency assigns their rating to the Bank on the basis of public information. As at the 2019 annual report’s signing date, the ratings are as follows:

Moody’s Investors Service Ltd.
LT Rating A2
ST Rating P-1
Baseline Credit Assessment (BCA) baa2
Adjusted Baseline Credit Assessment (Adjusted BCA) baa1
Outlook Stabilna
Counterparty Risk Assessment (CR Assessment) long-term/ short-term A1 (cr) / P-1 (cr)
Counterparty Risk Rating (CR Rating) A1 / P-1

In the press releases published on 21 October 2019, the Agency sustained the ratings assigned to the Bank. The Agency emphasised there that the rating of the Bank reflects:

  • Bank’s credit portfolio of good quality, though not seasoned, with very limited exposure to FX mortgage loans,
  • adequate, though decreasing, total capital ratio of the Bank,
  • moderate profitability, and
  • a good funding and liquidity profiles of the Bank based on deposits and high liquidity buffers.

Rating breakdown

The table below compares the long-term ratings for Poland, ING Bank Śląski S.A. and ING Bank N.V. as at the 2019 annual report’s signing date):

Rating breakdown
Poland ING Bank Śląski S.A. ING Bank N.V.
Fitch Ratings A- A AA-
Moody’s Investor Services A2 A2 Aa3
Standard & Poor’s A (local currency)
A- (foreign currency)
A+

ING Bank Hipoteczny S.A. ratings

The Moody’s Investors Service Agency assigns a full rating under the agreement between ING Bank and the Agency. As at the 2019 annual report’s signing date, ING Bank Hipoteczny S.A. ratings are as follows:

Moody’s Investors Service Ltd.
LT Counterparty Risk A2
ST Counterparty Risk P-1
LT Issuer Ratings Baa1
ST Issuer Ratings P-2
Outlook Stable
Counterparty Risk Assessment (CR Assessment) long-term/ short-term A2 (cr) / P-1 (cr)

In its press release, the Agency emphasised that the rating of ING Bank Hipoteczny reflects:

  • 100% ownership of ING Bank Śląski and its stable growth prospects,
  • Strategic adaptation and operational integration within ING Bank Śląski Group structures,
  • The commitment of ING Bank Śląski to support the capital and liquidity position of ING Bank Hipoteczny in order to meet regulatory requirements.
First issue of mortgage bonds

In October 2019, ING Bank Hipoteczny S.A. carried out the inaugural issue of 5-year green mortgage bonds.

In line with the policy adopted at ING Bank Hipoteczny (Green Bond Framework), the funds obtained from the issue will be used to refinance mortgage loans in PLN for natural persons, secured with mortgage belonging to 15% of the most energy-efficient buildings in Poland. ING Bank N.V. and ING Bank Śląski S.A. were Joint Lead Managers.

A strong interest on the part of local financial institutions allowed the issue with the value of PLN 400 million, at a price of 0.53%, to be placed over WIBOR 6M. The bonds issued are listed on the Luxembourg and Warsaw stock exchanges.

The Moody’s Investors Service rating agency confirmed the high quality of the mortgage loan portfolio, which is the collateral for the bonds issued, and gave the lists Aa3 rating (the highest rating achievable by a Polish issuer).

ING Bank Hipoteczny S.A. was the first mortgage bank to issue green mortgage bonds in its debut and the first entity from the ING N.V. Group to issue such bonds.

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