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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 Bank BGŻ BNP Paribas S.A.

The most important event affecting the level of net profit in 2018 and the comparability of results from 2017 was the finalization on 31 October 2018 of the acquisition of the Core Business of Raiffeisen Bank Polska S.A. ("RBPL") described in more detail in Chapter 4.2. "Acquisition of the Core Business of Raiffeisen Bank Polska S.A." of the Consolidated Financial Statements of the Bank BGŻ BNP Paribas S.A. Capital Group for the year ended 31 December 2018.

As a consequence of the method used to perform and settle the transaction, the income and expenses of the Core Business of Raiffeisen Bank Polska S.A. for the last two months of 2018 are recognized in the profit or loss account of the Bank Capital Group for 2018 (implemented after 31 October 2018).

In addition, the following factors related to the aforementioned transaction have affected the comparability of results achieved in 2018 and 2017:

· the initial settlement of the merger of entities and calculating the gain on the bargain purchase of the Core Business of RBPL, as a result of which the amount of PLN 291,706 thousand was recognized in the category of other operating income.

· an allowance due to expected credit losses in the 12-month horizon for loans and advances to customers and amounts due from banks, without impairment as well as for debt securities, recognized in the result of 2018, in the total amount of PLN 238,897 thousand.

· integration costs in the amount of PLN 265,804 thousand recognized in the general administrative expenses and other operating expenses in 2018 as compared to PLN 35,641 thousand of integration costs in 2017 (concerning earlier merger processes).

 

Consolidated financial highlights

in PLN thousand 31.12.2018 (YTD) 31.12.2017 (YTD)
Net interest income 2 106 851 1 926 744
Net fee and commission income 567 390 485 979
Profit before income tax 468 896 453 885
Net profit for the period 360 378 279 707
Total comprehensive income for the period 359 569 422 192
Total net cash flows (17 752) 959 582
in PLN thousand 31.12.2018 31.12.2017
Total assets 109 022 519 72 304 999
Loans and advances to customers 73 413 950 55 075 871
Total liabilities 98 462 706 66 158 178
Amounts due to customers 87 191 708 56 328 897
Share capital 147 419 84 238
Total equity 10 559 813 6 559 463

 

Selected consolidated key ratios

  31.12.2018 31.12.2017
Return on equity(1) 6,5%* 4,8%*
Return on assets(2) 0,6%* 0,4%*
Net interest margin(3) 2,7% 2,7%
Expense to Income(4)) 59,9%* 61,0%*
Cost of credit risk(5) (0,55%)* (0,61%)
Net loans to Deposits(6) 84,2% 96,6%
Gross loans to Total sources of funding(7) 81,3% 87,2%
Earnings (loss) per share 3,63 3,32
Total capital ratio 14,63% 13,75%
Tier 1 capital ratio 12,38% 10,81%

 

* Normalized values calculated excluding: integration costs (2018 – PLN 265,804 thousand, 2017 – PLN 35,641 thousand, 2016 – PLN 181,404 thousand), allowance due to expected credit losses created in connection with the acquisition of the Core Business of RBPL (2018: PLN 238,897 thousand) and the gain on the bargain purchase of the Core Business of RBPL (2018: PLN 291,706 thousand). The impact of integration costs was estimated using the standard 19% income tax rate. In the case of the "costs" category, the amount visible in the financial statements was reduced by the amount of integration costs recorded as general administrative expenses and depreciation. In the case of the "income" category, the amount of the income statement comprising the result from banking activities was adjusted for the integration costs recorded under other operating costs and the gain on bargain purchase of the Core Business of the RBPL.

(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. Due to a significant increase in the balance sheet total as of 31 October 2018 and the prospective recognition of the interest result of the acquired Core Business of RBPL for the last two months of 2018 in the Bank's interest income - for the fourth quarter of 2018 the weighted average number of days was assumed.

(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 in relation to the average balance of net loans and advances to customers, 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.

Source: Consolidated Financial Statements of the Capital Group of Bank BGŻ BNP Paribas S.A. for year ended 31 December 2018, Management Board Report on the activities in 2018 (including report on the activities of Bank BGŻ BNP Paribas S.A.)

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