The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (PKO Bank Polski S.A. Group or the Bank’s Group) is one of the largest groups of financial institutions in Poland and in Central and Eastern Europe.
The Parent of the Bank’s Group is Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A. or the Bank). PKO Bank Polski S.A. is the largest commercial bank in Poland and the leading bank on its home market in terms of the scale of operations, equity, loans, savings, number of Customers and size of the distribution network. PKO Bank Polski S.A. is a universal bank that services individuals, legal entities and other Polish and foreign entities.
Apart from strictly banking operations, the Bank’s Group also provides services in respect of leases, factoring, investment funds, pension funds and insurance, car fleet management services, transfer agent services, provides technological solutions, outsources IT professionals and supports other entities’ operations, manages properties. The Bank’s Group conducts banking operations and provides financial services outside Poland through its branches in the Federal Republic of Germany (German Branch), the Czech Republic (Czech Branch) and the Slovak Republic (Slovak Branch), as well as through its subsidiaries in Ukraine, Sweden and Ireland.
[GRI 2-1] The Bank, together with its subsidiaries, creates the Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (the PKO Bank Polski S.A. Group or the Bank’s Group). At the end of 2023, the Bank’s Group comprised the parent entity (the Bank), 12 direct subsidiaries and indirect subsidiaries (see chapter 3.1).
The Bank, together with its subsidiaries, creates the Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (the PKO Bank Polski S.A. Group or the Bank’s Group). At the end of 2023, the Bank’s Group comprised the parent entity (the Bank), 12 direct subsidiaries and indirect subsidiaries.
The Bank’s Group operates in the territory of the Republic of Poland. Moreover, through its subsidiaries it operates in the territory of Ukraine, Sweden and Ireland. It also operates branches in the Federal Republic of Germany, the Czech Republic and the Slovak Republic. The Bank also conducts cross-border business in EEA countries (Austria, Belgium, Denmark, France, Spain, the Netherlands, Norway, Portugal, Sweden, Hungary, Italy, Lithuania, Ireland, Slovakia, Romania, the Czech Republic, Germany).
[GRI 2-2] The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (the PKO Bank Polski S.A. Group or the Bank’s Group) and Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A. or the Bank) have prepared a Statement on the non-financial information (the Statement), which forms a separate part of the Directors’ Report. The individual issues have been presented in the Statement with regard to the Bank’s Group, with the Bank highlighted. The Bank and the Bank’s Group satisfy the criteria of an entity that is required to draw up the Statement.
The Bank and the Bank’s Group report for the period from 1 January to 31 December 2023 in accordance with the GRI Standards (revised Universal Standards 2021, which came into force on 1 January 2023) and in accordance with the non-financial reporting requirements specified in the Accounting Act.
[GRI 2-3] The Bank’s Group publishes such statements and financial reports annually. The Statement presents the operations of the PKO Bank Polski S.A. Group in the period from 1 January to 31 December 2023. The previous Statement was prepared for the year 2022 and published on 10 March 2023. The contact for topics related to the Statement is as follows: esg@pkobp.pl.
The Bank and the Bank Group meet the Accounting Act’s criteria for non-financial reporting obligations.
Increasing customer activity in the digital world, dynamic changes due to macroeconomic shifts and technology trends, the geopolitical situation and emerging regulatory requirements, as well as other variables, are driving growing expectations in the area of IT development. The Bank’s Group offers customer-oriented, modern, secure and comprehensive services through digital access channels. Customers use iPKO and IKO as means of modern banking, which extends outside the traditional financial area. PKO Bank Polski S.A., in cooperation with Operator Chmury Krajowej S.A. and other global providers of cloud services, has consistently followed its “path towards the cloud”. The bank develops business operations and supports research and implementation efforts using secure, cutting-edge solutions, including those based on artificial intelligence and advanced data analytics, as well as robotics and automation.
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Statement of financial position (in PLN million) | |||||
| Total assets | 501,516 | 431,447 | 418,086 | 376,966 | 347,897 |
| Total equity | 45,227 | 35,707 | 37,693 | 39,911 | 41,578 |
| Own funds | 43,807 | 43,759 | 42,112 | 41,516 | 42,330 |
| Financing granted to customers | 262,920 | 247,619 | 247,572 | 235,727 | 244,083 |
| Customer deposits | 399,193 | 338,868 | 322,296 | 282,356 | 256,170 |
| Net profit/loss | 5,502 | 3,312 | 4,874 | -2,557 | 4,031 |
| Financial ratios | |||||
| ROA net | 1.2% | 0.8% | 1.2% | -0.7% | 1.2% |
| ROE net | 13.3% | 9.6% | 12.1% | -6.0% | 10.0% |
| C/I1) | 31.6% | 45.0% | 40.4% | 40.9% | 41.3% |
| Interest margin2) | 4.4% | 3.8% | 2.7% | 3.0% | 3.4% |
| Share of impaired exposures | 3.44% | 3.79% | 3.98% | 4.43% | 4.26% |
| Cost of credit risk | 0.50% | 0.52% | 0.55% | 0.78% | 0.46% |
| Total capital ratio | 18.65% | 19.07% | 18.73% | 18.18% | 19.88% |
| Operational data | |||||
| Number of customers of PKO Bank Polski S.A. (K), including: | 11,911 | 11,666 | 11,120 | 11,006 | 10,933 |
| Individuals (K) | 11,290 | 11,071 | 10,541 | 10,463 | 10,427 |
| Companies and enterprises (K) | 603 | 578 | 563 | 526 | 491 |
| Corporate Customers (K) | 18 | 18 | 17 | 16 | 16 |
| Number of current accounts with the Bank (K) | 9,279 | 9,049 | 8,490 | 8,257 | 8,012 |
| Number of branches of PKO Bank Polski S.A. | 945 | 967 | 975 | 1,004 | 1,115 |
| Number of employees (in FTEs) | 25,601 | 25,071 | 25,657 | 25,859 | 27,708 |
| Information on shares | |||||
| Stock exchange capitalization (in PLN million) | 62,900 | 37,863 | 56,163 | 35,900 | 43,075 |
| Number of shares (in million) | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 |
| Share price (in PLN) | 50.32 | 30.29 | 44.93 | 28.72 | 34.46 |
| Dividend per share (in PLN) (paid in the current year from pofit for the preceding years) | 0.00 | 1.83 | 0.00 | 0.00 | 1.33 |
We have been supplying financial solutions to our customers for 100 years now so we understand the needs of the Poles and Polish businesses. We change consistently, invest in development and implement new technologies responsibly in order to enable our customers to manage their finances anywhere they are and any time they wish to.
We are proud of our history and our Polish roots. We still want to exert a positive influence on Poland – the people, businesses, culture and the environment. Being one of the biggest banks in Central and Eastern Europe, we take responsible care of the interests of our shareholders, customers, employees and local communities.
In 2023, insurance and leasing services provided both to retail and corporate customers were intensified. Activities and achievements:
| Housing insurance PKO Dom | In 2023, more than 411 thousand insurance agreements were concluded. Gross premiums written in 2023 amounted to PLN 125.7 million, up 68% on the same period in 2022. |
| PKO Moto motor insurance | In 2023, the Bank changed its motor insurance distribution model based on a stand-alone offering under its own brand PKO Moto. |
| Launch of the process of sharing data covered by bank secrecy for use by PKO Towarzystwo Ubezpieczeń S.A. to, inter alia, assess insurance risk, calculate premium, improve loss adjustment process. The data is shared on the basis of a voluntary consent of the Bank’s customer. | |
| In 2023, more than 190 thousand motor insurance agreements were concluded at the Bank, with more than 120 thousand of these already under the new PKO Moto model. The premium written on agreements concluded in 2023 totalled PLN 154 million. |
| Expansion of financing for luxury brands | The PKO Leasing Group has become a partner of Inchcape JLR Poland sp. z o.o. for the financing of Jaguar, Range Rover, Defender and Discovery luxury brands in Poland with a gross vehicle weight of up to 3.5 tonnes. The agreement provides for the wholesale financing of stock and retail financing of new and used cars in the form of leases, lease loans, a subscription programme, long and short-term rentals. |
| Szybkie Auto (Fast Car) | Extension of the pilot “Szybkie Auto” („Fast Car”) procedure, which is designed to finance vehicles from authorised dealers and enables a financing decision to be made within one business day. |
| Development of other vehicle financing | Establishing cooperation with KROSS and enabling business customers of 36 KROSS stores throughout Poland to use the PKO Leasing offer in the field of universal bicycle leasing as well as those supported by an electric engine. |
| Leasing 2.0 | The launch of three new products aimed at financing cars, heavy transport as well as machinery and equipment. The new products have been structured in such a way as to enable both the customer and adviser to have immediate, transparent information about the available transaction parameters, the required documents and the stage of the process. |
| Free registration | Organising another edition of the promotional Free Registration offering with insurance against the loss of value of the vehicle over time (GAP). The offering is aimed at all PKO Leasing and Bank customers and in the iPKO process supported by bank advisors. |
| Summer with leasing | Making a fuel card worth PLN 500 available to small and medium-sized enterprises from the banking channel (for agreements with a value of more than PLN 100 thousand). |
| PKO Leasing Online at Media Expert | Expansion of the cooperation with Media Expert with an online channel (www.mediaexpert.pl) enabling the customers of the retailer to benefit from a fast, fully automatic and remote leasing process available 24/7 without leaving the office. |
| Simplified lease | e Introduction (in collaboration with the Bank) of an offering for customers operating as sole proprietors – simplified lease for new and used cars and trucks up to 3.5 tonnes, with a net value of up to PLN 300 thousand (the offering is available online at the IPKO website – without leaving the office and without unnecessary formalities). |
| Offering for agriculture | Signing of agreements with the following companies:
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| Development of digital processes and remote channels |
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The PKO Bank Polski S.A. Group offers modern and comprehensive services accessible via its digital channels. The Bank, in cooperation with Operator Chmury Krajowej S.A. and other global providers of cloud services, has consistently followed its “path towards the cloud”. PKO Bank Polski S.A. has been developing its operations with a particular focus on solutions based on artificial intelligence, robotics and automation.
| PKO Pay Later | PKO Bank Polski was the first bank in Poland to independently provide the deferred payment service „PKO Pay Later”. At the end of 2023, approximately 175 thousand customers were active users of the service, and the total amount of limits granted reached PLN 138 million. Customers have so far executed close to 1.9 million transactions for the total amount of PLN 260.4 million. 98% of transactions were executed with a BLIK code. |
| Digital Mortgage | Release of a new calculator on the Bank’s website to calculate the estimated instalment and creditworthiness for the Własny Kąt mortgage. |
| Release of a monthly loan instalment and creditworthiness calculator on the Bank’s website – a component adapted to the Safe 2% Loan. | |
| Making the Tenant Certificate service available on iPKO and the IKO mobile app. „Code for Simpl.rent services for landlords” is a solution for landlords to verify a tenant before signing a lease. | |
| Embedding instalment and creditworthiness calculators in a new layout on pkobp.pl. Preparation of an enhanced service for electronic signature and seal taking into account integration with the new document repository. | |
| Bank in the Metaverse | Conducting the first Virtual Job Fair in an innovative form in Poland, using the rapidly developing Metaverse technology. The fair attracted over 600 participants and over 30 recruitment processes were launched. The media coverage reached a total of more than 3.7 million people worldwide. |
| Premiere of an Educational VR game from PKO Bank Polski.
The game, by means of a virtual simulation and specific real-life examples, helps to manage the household budget and teaches not only the practical application of economic knowledge, but also the right social attitudes. It is an element of the „Kasa z klasą” educational programme developed by PKO Bank Polski in cooperation with the Foundation. |
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| PKO Bank Polski, at the „TechnoBiznes 2023” Gala, was awarded in the „Lider2022” competition organised by Gazeta Bankowa for opening a branch in Metaverse and honoured for its robotisation solutions that support processes related to statutory loan holidays. The competition’s jury, which evaluated 40 technological solutions presented by banks, recognised the innovative nature of PKO Bank Polski’s implementations. | |
| PKO Bank Polski will accelerate growth in the Metaverse
The Bank is preparing to create attractive spaces on gaming platforms such as Fortnite and Roblox and wants to expand its activities on Metaverse-class platforms such as Decentraland and The Sandbox. It also wants to build more VR models of its branches. The bank is currently looking for companies with the right technological experience to collaborate on the creation and maintenance of virtual spaces and gamification design on gaming and Metaverse-class platforms. |
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| Poland ClimAccelerator | Continuation of the Bank’s participation in the Poland ClimAccelerator programme, which aims to search for start-ups, scale-ups and innovative companies operating in the field of green technologies that will be feasible for implementation in the Bank’s Group companies; |
| Implementation of 4 carbon footprint calculators for the Bank’s customers. | |
| Launch of calculator solution trials with 200 customers, along with a one-year subscription, onboarding, and full consultancy support. | |
| Collaboration with the Fintech Poland Foundation | Joining the FinTech Poland community in the development of technology-based services. The aim of the initiative is to integrate the financial innovation community in Poland. The Foundation has published a report entitled “How to do fintech in Poland”, portraying the industry in the context of the overall economy and the financial sector. PKO Bank Polski S.A was the strategic partner of the project. |
| Let’s Fintech Programme | Promoting Polish innovation in the field of finance under the slogan Future Finance Poland with the participation of Polish companies and institutions (PKO Bank Polski, the Polish Investment and Trade Agency and the FinTech Poland Foundation) at the Singapore Fintech Festival, the largest annual FinTech festival worldwide organised by the Monetary Authority of Singapore, Elevandi and Constellar in cooperation with the Association of Banks in Singapore. The main message of the Polish delegation was to showcase Poland’s advantages, which offer strong arguments in its efforts to become one of the leading global financial centres. This year’s edition was attended by more than 60 thousand people from 130 countries. Owing to the activities carried out by the Let’s Fintech team, the Bank generated PLN 1.8 million in AVE (advertising equivalent). |
| Process automation | Implementation of 295 processes by the end of 2023 using technology that enables the automation of structured, repetitive activities (RPA). For further details, see Chapter 1.5 |
| Voicebots | Launch of new and development of existing bots for:
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| More than 13.8 million conversations in total conducted by bots in 2023 (up 32% y/y). All of the Bank’s voicebots have already handled a total of 31 million calls. | |
| Cloud technologies | Launch of new functionalities of the IKO mobile application in cloud computing, including full support for establishing and maintaining the session and operation history. |
| Migration and activation of the eBankart system (responsible for Bank’s debit cards). Implementation of the system on the new platform is part of Road 2 Cloud strategy. | |
| Launch of work on Artificial Intelligence (AI) technologies in cloud environments to prepare them for the deployment of AI for business and technology applications in the Bank. | |
| ESG in the risk area | Development of algorithms for climate risk determination and climate risk database. The scope of data covers, among other things, flood risks, substrates and droughts in the Bank’s systems to the addresses of mortgage collateral and address of the registered office of companies. In addition, the acquisition of sector data on physical risks |
| Automatic acquisition of data on the actual energy efficiency of the real estate (EP) from the Central Register of Building Characteristics to the credit risk database for real estate collateral. | |
| Preparation of a tool to handle verification of compliance with the Taxonomy (in the form of surveys). | |
| Cooperation with and inclusion of the Bank in the Partnership for Carbon Accounting Financials (PCAF) on emissions performance (acquisition of sector data, best practices on emissions performance and decarbonisation approaches, access to PCAF databases). | |
| Security of card payments | Use of the BOT to confirm BLIK cash withdrawal transactions at ATMs according to specific parameters. |
| PKO Token Space | Development and submission of a grant application to the NCRD (National Centre for Research and Development) for the PKO Token Space Predict project, concerning the development of models for predicting the price of digital assets. The solution will use artificial intelligence technologies. |
| Credit risk assessment platform | Implementation of the use of Machine Learning models for credit appraisal processes for businesses, mortgages and increased use of Machine Learning models for Customer Finance. |
In 2023, the operations area continued to centralize and transform services in the Bank and Bank Group’s companies, as well as centralise operational tasks, resulting in very good efficiency and cost performance. Tasks were carried out in a state-of-the-art structure involving the following operational units: Contact Center and after-sales and development teams. This is another year when the operations area, through active automation and robotics activities, recorded an increased number of tasks completed. At the same time, it has systematically reduced the involvement of people handling processes manually.
By combining the competences of the two areas (operations and Contact Center), we were able to build a state-ofthe-art, remotely operated middle office process for handling cases after the death of our customers. Owing to the extensive cooperation between the employees of operations, the Contact Center and the branch network, the current handling of heirs contacting the Bank has been simplified and allows the task to be completed during a single contact.
In less than a month, the Bank designed and implemented a process for the Safe 2% Loan which has been very popular among customers. The process was largely robotised and automated, and for cases that required manual handling, the Bank ensured that it was executed with high efficiency and quality, so that customers received funds in a very short time.
The operations area continued to handle the statutory credit holiday process, which was largely automated. Only cases that required additional clarification were referred to manual handling.
In order to meet the expectations of our customers, the operations area implemented telephone handling of cases reported that can be resolved in a single contact, without having to accept a notification and wait for a resolution. As a result, customers receive assistance and a solution already during or immediately after the call, and the Bank does not engage additional staff to clarify simple requests.
In response to the needs reported by customers and in fulfilment of the obligation imposed by the legislator, the Bank introduced the operational handling of the housing account with the BGK subsidy mechanism. The process has been largely robotised. Only complicated cases that require additional clarification are referred to manual handling.
In addition, the process of handling certificates issued at the request of customers has been largely robotised. At present, the majority of cases concerning loan and deposit products are handled automatically, which has significantly reduced the waiting time for documents to be issued.
The operations area has started to redesign the enforcement seizure process. As a result of the changes, customers receive faster responses to enquiries regarding seizures. A number of improvements have been introduced affecting the timeliness of service, which is important for both customers and enforcement authorities.
In 2023, the Bank implemented products dedicated specifically to farmers, such as a loan with subsidies from the Agency for the Restructuring and Modernisation of Agriculture and an agricultural guarantee, into its operational service. As in other areas, a significant proportion of these processes have been robotised.
The OCR mechanism was implemented in the process of registering mail addressed to the Bank, improving the efficiency of this process.
The Group entities, in particular PKO Bank Polski S.A., PKO Bank Hipoteczny S.A. and PKO Leasing S.A., have been actively using the opportunities to issue financial instruments on the debt markets, both in Poland and abroad, for many years.
The Bank’s Group acquires funds from foreign financial markets, among other things by obtaining loans from international financial institutions (including the Development Bank of the Council of Europe and the European Investment Bank) which allows it to present a preferential offer to SMEs.
KREDOBANK S.A., as a Ukrainian company, additionally obtains funding from special credit programmes from the Enterprise Development Fund and grants from the Deutsche Sparkassenstiftung für internationale Kooperation (DSIK) for SME clients using investment loans.
The Bank’s Group also participates in portfolio guarantee programmes (including of the European Investment Fund). In 2023, guarantees were offered under the COSME programme.
For detailed information on securities issues and loans received in the context of international cooperation, see Note 38 “Financing received” to the financial statements of the Bank’s Group for 2023.
The Bank’s Group remains a leader in the Polish market in providing services to banking financial institutions. Through an extensive and effective network of correspondent banking relationships, it ensures the Bank’s smooth operation in foreign markets, despite the challenges and restrictions stemming from the war in Ukraine.
The Bank’s Group is systematically increasing the portfolio of serviced foreign corporate and financial customers and expanding the range of available products. The Bank focuses mainly on acquiring customers that are daughter companies of leading foreign entities from the area of the European Union, and at the same time expands competences which allow building long-term relations with customers from other regions of the world, including particularly Asia.
The insurance companies from the Bank’s Group – PKO Życie Towarzystwo Ubezpieczeń S.A. and PKO Towarzystwo Ubezpieczeń S.A. – cooperate with reinsurers on the international market.
PKO Bank Polski S.A.’s subsidiaries, with their registered office in Poland, offer mortgage loans and provide services mainly in respect of leases, factoring, investment funds, pension funds and insurance, car fleet management services, transfer agent services, provide technological solutions and outsource IT professionals.
The results of operations presented in the description are derived from the financial statements of the individual companies prepared according to the International Financial Reporting Standards, and in respect of insurance companies, according to Polish Accounting Standards. Data available as at the date of the financial statements.
PKO Bank Hipoteczny SA is the leader on the Polish mortgage bank market in terms of total assets and the portfolio of mortgage loans. The company is also the largest issuer of mortgage covered bonds in Poland.
In 2023, PKO Bank Hipoteczny S.A. reported a net profit of PLN 165.8 million (vs. a net loss of PLN 405.8 million in 2022, which was related to the recognition of a loss on loan holidays introduced by the Act of 7 July 2022 on crowdfunding for business ventures and borrower assistance).
PKO Bank Hipoteczny S.A. specializes in granting mortgage housing loans to retail customers and purchases receivables in respect of such loans from PKO Bank Polski S.A. The Company issues mortgage covered bonds (in PLN and in foreign currencies), which constitute one of the main sources of long-term financing of loans secured with real estate in the PKO Bank Polski S.A. Group.
As at 31 December 2023 the total gross value of the PKO Bank Hipoteczny S.A. loan portfolio amounted to PLN 18.0 billion, including PLN 8.1 billion of mortgage housing loans purchased from PKO Bank Polski S.A.
In 2023, PKO Bank Hipoteczny S.A. carried out three mortgage covered bond issues with a total nominal value of PLN 1.75 billion. The total nominal value of mortgage covered bonds issued by the company and outstanding as at the end of 2023 was PLN 10.4 billion. This included green mortgage bonds worth PLN 2.7 billion.
The core business of the Company is creating and managing investment funds. The Company also offers specialized investment programs and manages Employee Pension Programmes (PPE) and Employee Capital Plans (PPK).
In 2023 the Company earned net profit of PLN 237.7 million (vs. PLN 189.3 million in 2022).
The value of the funds’ net assets under the Company’s management amounted to PLN 40.8 billion as the end of 2023, which represents a 27.7% increase in assets.
PKO TFI S.A. ranks first with 20.06% share of funds’ assets under management excluding selected investors and second in terms of net assets value with 12.74% share of the total investment fund market*.
As at 31 December 2023, PKO TFI S.A. managed 60 investment funds and sub-funds.
At the end of 2023 PKO TFI S.A. was the Polish market leader in Employee Capital Plans in terms of the assets under management with a 31.3% market share.
* Source: Analizy Online, January 2024.
The Company manages PKO BP Bankowy Otwarty Fundusz Emerytalny and PKO Dobrowolny Fundusz Emerytalny, which offer the Individual Retirement Account (IKE) and Individual Retirement Security Account (IKZE).
In 2023, the Company earned net profit of PLN 24.1 million (vs. a PLN 24.8 million in 2022).
Results of operations of the Open Pension Fund (OFE)*:
As at the end of 2023, the net asset value of PKO BP Bankowy OFE managed by PKO BP BANKOWY PTE S.A. amounted to PLN 9.5 billion, which is an increase by more than PLN 2.4 billion compared with the end of 2022. The increase reflects a significant improvement in the financial markets.
PKO Bankowy OFE had 850.0 thousand participants as at the end of December 2023 (864.1 thousand as at the end of 2022).
PKO BP Bankowy OFE ranks 7th on the pension fund market in terms of net asset value and in terms of the number of participants*
* Source: www.knf.gov.pl
The PKO Leasing S.A. Group (i.e. PKO Leasing S.A. and its subsidiaries) offers financial services in respect of lease and factoring and provides insurance agent, fleet management and vehicle rental services.
The PKO Leasing S.A. Group earned a net profit of PLN 353.4 million in 2023. The net profit for the year 2022 was PLN 347.2 million.
PKO Leasing S.A. and its subsidiaries offer leases and loans. Customers may use these services to finance their fixed assets, such as passenger cars, delivery vehicles and trucks, machines, equipment, technological lines, medical equipment, computer hardware and software.
As at 31 December 2023, the carrying value of amounts due from customers in respect of leases and loans (both matured and not yet matured) and the carrying value of fixed assets under operating leases in the PKO Leasing S.A. Group totalled PLN 24.7 billion.
The PKO Leasing S.A. Group has been the leader of the Polish lease and rental market for several years. It pursues the “Cyfrowa Era Leasingu” (Digital Era for Leases) strategy, which stipulates stronger use of digital tools and development of operations in new market segments.
PKO Faktoring S.A. provides domestic and export factoring services with and without recourse, reverse factoring and a factoring programme service for suppliers.
In 2023, the carrying amount of amounts due from customers was PLN 5.39 billion. As at the end of 2022, it was PLN 3.60 billion.
In 2023, the value of factoring turnover was PLN 31.02 billion (in 2022: PLN 31.4 billion).
As at 31 December 2023, the Company ranked 5th (in terms of turnover) among the factoring companies associated in the Polish Factors’ Association, with a market share of 8.7%.
The PKO Życie Towarzystwo Ubezpieczeń S.A. Group earned a net profit of PLN 82.9 million in 2023 (in 2022, the Group’s net profit was PLN 54.9 million).
PKO Życie Towarzystwo Ubezpieczeń S.A.’s business activities comprise life insurance (Section I insurance). The Company offers both standalone products and products supplementing the banking products offered by PKO Bank Polski S.A.
Gross written premiums under insurance contracts concluded by the Company in 2023 amounted to PLN 553 million. As at the end of 2023, the Company insured 1,054 thousand people (1,026 thousand people in 2022).
In 2023, the Company earned net profit of PLN 107.0 million (vs. PLN 87.0 million in 2022).
PKO Towarzystwo Ubezpieczeń S.A.’s business comprises other non-life insurance (Section II insurance). The Company focuses on providing insurance against loss of income, accident and sickness, as well as property insurance for borrowers and mortgage borrowers. The Company also offers motor insurance and state-of-the-art residential and home insurance, PKO Dom.
The company reports a high NPS of 60.39 for the claim handling process.
Gross written premiums under insurance contracts concluded by the Company in 2023 amounted to PLN 678 million. As at the end of 2023, the Company insured 1,474 thousand people (1,413 thousand people in 2022).
In 2023 the Company earned net profit of PLN 27.8 million (vs. PLN 29.6 million in 2022).
PKO BP Finat sp. z o.o. provides technological and operational services to support the core activities of PKO Bank Polski S.A. Group companies.
PKO Finat sp. z o.o. also provides comprehensive services to companies outside the Bank’s Capital Group, mainly from the financial sector, performing activities that support their core business, including PPK record-keeping services, transfer agent services, ancillary services for closed-end fund and company accounting for investment funds, handling group insurance dedicated to products offered by PKO Bank Polski S.A. It also specialises in competence outsourcing of IT specialists, project teams and IT processes, including production processes for IT systems and applications.
The company also provides intermediation services in the sale of non-financial products to the Bank’s customers. It provides a wide range of services available through electronic banking, including phone top-ups, gift cards to platforms with entertainment and other services, toll payments, e-Accounting for entrepreneurs, BIK products, insurance, tickets for Ekstraklasa matches, to name a few.
In 2023, PKO Finat sp. z o.o. launched the VAS API Integration Platform serving as an interface between the Bank and digital service providers for the handling of procurement processes, settlements and recurring payments.
