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Selected financial data and ratios

Below, we present the selected items of the Consolidated Financial Statements of the Capital Group of BNP Paribas Bank Polska S.A.

The most important event affecting the level of net profit in 2020 and comparability of results with 2019 was the coronavirus pandemic, which started in Poland in March 2020 and radically changed the economic situation of the country and the conditions of activities of the Group and its clients. The factors that had the greatest impact on the Group's financial results were the following:
- reduction of the NBP interest rates implemented by the Monetary Policy Council by decisions of 17 March, 8 April and 28 May 2020 (for the reference rate decrease from 1.5% to 0.1%). These changes resulted in a decrease in market rates and a consequent decrease in the Group's interest income, mitigated to some extent by the adjustment measures taken in the area of pricing policy. Net interest income in 2020 was PLN 108,689 thousand (by 3.4%) lower compared to 2019. In addition, changes in the yield curve had a negative impact on the result on the loan portfolio measured at fair value through profit or loss, i.e. the result on the Group's investment activities;
- disruption of business activities caused by sanitary restrictions introduced in Poland at the end of the first quarter and at the beginning of the fourth quarter of 2020, which negatively affected the economic situation and consequently led to the significant increase of the cost of risk almost due to additional impairment losses resulting from changes in macroeconomic scenarios following COVID-19. The result of impairment losses on financial assets and provisions for contingent liabilities in 2020 was negative and amounted to PLN 601,499 thousand, compared to PLN 441,890 thousand in 2019 (increase by PLN 159,609 thousand, i.e. by 36.1%). The impact of COVID-19 on the cost of risk in 2020 is estimated to PLN 236,498 thousand and is primarily due to the change in macroeconomic scenarios following COVID-19 (forward looking PD and LGD determined based on smoothed macro forecasts) and the Bank's assessment of the expected future impact of current economic conditions on risk parameters for selected customer types
- a significant reduction in activity and changes in the existing habits and behaviour of the Group's customers, which adversely affected the scale of the business and consequently the level of the Group's fee and commission income and trading profit
The factor that mitigated to some extent the negative impact of the coronavirus pandemic on the comparison of the Group's financial results for 2020 to 2019 is the fact that in November 2019 the operational merger between the Bank and the core business of Raiffeisen Bank Polska S.A. ("RBPL", "Core RBPL") was completed. As a result, the results of 2020 were not affected by the negative impact of integration costs.

 

Consolidated financial highlights

in PLN thousand 2020-12-31 (YTD)     2019-12-31 (YTD)
Net interest income 3 060 070 3 168 759
Net fee and commission income 916 095 819 937
Profit before income tax 1 110 567 872 955
Net profit for the period 733 095 614 694
Total comprehensive income for the period 863 677 598 766
Total net cash flows (1 127 889) 1 407 756
in PLN thousand 2020-12-31 2019-12-31
Total assets 119 577 288 109 954 142
Total loans and advances to customers 75 637 117 73 811 039
Total liabilities 107 546 761 98 794 759
Amounts due to customers 90 051 004 86 134 984
Share capital 147 419 147 419
Total equity 12 030 527 11 159 383

 

Selected consolidated key ratios

  2020               2019
Return on equity(1) 6,2%* 8,7%*
Return on assets(2) 0,6%* 0,9%*
Net interest margin(3) 2,6% 2,9%
Expense to Income(4)) 53,5%* 55,3%*
Cost of credit risk(5) (0,78%)* (0,59%)
Net loans to Deposits(6) 84,0% 85,7%
Gross loans to Total sources of funding(7) 79,2% 82,2%
Earnings (loss) per share 4,97 4,17
Total capital ratio 18,65%  15,05%
Tier 1 capital ratio 13,55% 12,80%

 

* Normalised values calculated excluding: integration costs (in 2020: positive value of PLN 15,336 thousand, in 2019 negative value - PLN 414,537 thousand). The impact of integration costs on net profit was estimated using an income tax rate of 19%. In the case of the "costs" category, the amount visible in the financial statements was reduced by the amount of integration costs recorded within general administrative expenses and depreciation. In the case of the "income" category, the income statement figures comprising the result on banking activities were adjusted by the integration costs recorded within other operating expenses. From 2020 onwards, provisions for proceedings relating to CHF mortgage loans are presented as a separate line apart from income, this change has been taken into account for 2019.

(1) Net profit in relation to average equity, calculated based on quarter-end balances.

(2) Net profit in relation to average assets, calculated based on quarter-end balances.

(3) Net interest income in relation to average assets, calculated based on quarter-end balances.

(4) Total general administrative expenses, amortization and depreciation in relation to total net banking income, calculated as the total of net interest income, net fee and commission income, dividend income, net trading income, net investment income, result on hedge accounting and other operating income and expenses.

(5) Net impairment allowances on loans and advances and provisions for contingent liabilities in relation to the average balance of gross loans and advances to customers measured at amortised cost, calculated based on quarter-end balances.

(6) Net loans and advances to customers in relation to customer deposits, balance at the end of the period.

(7) Gross loans and advances to customers in relation to total liabilities to customers, debt securities issued, loans from other banks and subordinated liabilities, balance at the end of the period

 

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