1Q16 FINANCIAL RESULTS
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- Ashlie King
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1 1Q16 FINANCIAL RESULTS Towards the execution of our plan Warsaw, 10 May 2016
2 Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts. This presentation should not be treated as an offer or invitation to purchase any securities or financial instruments or as advice or recommendation in respect to such securities or financial instruments. The presented data are only general information and does not refer to an offer by the Bank for products or services. In order to take advantage of the services and products of the Bank, one should be thoroughly familiar with the characteristics of the particular service or product, its rules, risks and legal and tax consequences of the use of particular services or products. The strategy presented in this presentation contains goals which are the ambition of the Management Board and do not constitute any financial results forecast. Rights for the Presentation as a whole are reserved to the Bank. The Presentation is subject to the protection provided by law, in particular: the Act dated 4 February 1994 on Copyright and Related Rights (consolidated text in Journal. Laws of 2006, No. 90, item. 631, as amended); the Act dated 27 July 2001 on the protection of Databases (Journal of Laws No. 128, item. 1402, as amended); the Act dated 16 April 1993 on Combating Unfair Competition (consolidated text in Journal of Laws of 2003, No. 153, item 1503, as amended) and the Act dated 30 June 2000 on Industrial Property Law (consolidated text in Journal. Laws of 2003, No. 119, item. 1117, as amended). This presentation may include forward looking statements, the Bank s outlook for the future, future plans and strategies or anticipated events that are not historical facts. Since these statements are based on assumptions, expectations, projections and provisional data about future events, the content is inherently uncertain. Factors that could cause or contribute to differences in current expectations include, but are not limited to: (i) general economic conditions, among which the economic conditions of the business areas and the markets in which the Bank and its subsidiaries operate, (ii) the performance of financial markets (iii) changes in laws or regulations and (iv) general competitive conditions locally, regionally, nationally and/or internationally. The Bank does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Bank, or should facts or events occur that affect the Bank s strategy or intentions, unless such reporting obligations arise under applicable laws and regulations. Neither the Bank, nor any of its representatives shall be responsible for any loss or damage that may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection to this Presentation. This presentation is not for distribution in or into countries where the public dissemination of the information contained herein may be restricted or prohibited by law. 1
3 1Q16 highlights Net profit of PLN 573mn (PLN 654mn excluding banking tax, +4.7% yoy). PLN 1bn gross operating profit, at the highest quarterly performance of NIM improving q/q supported by optimization of assets mix. Sound yoy growth of retail volumes, both key loans and deposits. Strong cost and risk control. 2
4 Net profit and gross operating profit Net profit (PLN mn) Gross operating profit (PLN mn) +4.7% -0.1% % 573 1Q15 1Q16 1Q15 1Q16 Impact of new banking tax PLN 654mn in net profit excluding banking tax, +4.7% yoy. Gross operating profit exceeds PLN 1bn. 3 - dynamic excluding impact of new banking tax
5 Operating income PLN mn +0.5% Q15 1Q16 Net interest income F&C Other income PLN 1 817mn in operating income, +0.5% yoy, as growth in NII offsets the impact of weaker capital markets; other income at previous year s level. 4
6 Net interest income and net interest margin Net interest income (PLN mn) Net interest margin +2.6% ,88% 2,76% 2,73% 2,73% 2,75% 1Q15 1Q16 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 NII at PLN 1 070mn, +2.6% yoy, supported by growth in customer volumes. NIM improved to 2.75% on positive developments in both the asset mix and liabilities pricing. 5
7 Loans Retail loans (PLN mn) Corporate loans (PLN mn) +11.4% +8.1% +1.8% -1.1% Mar 15 Dec 15 Mar 16 Mar 15 Dec 15 Mar 16 Key retail loans Other retail loans Key corporate loans Other corporate loans * Solid growth in key retail lending +11.4% yoy. Key corporate lending +8.1% yoy. 6 * Other corporate loans without BSB and reverse repo transactions: 6.3 bn 1Q15; 4.8 bn 4Q15; 0.1 bn 1Q16
8 New key retail lending Consumer loans volume sale - avg. daily (PLN mn) New loans volume (PLN mn) +30.2% 2.8 bn in 1 quarter 20,9 27, Q 16 Apr 16 PLN mortgage loans volume sale - avg. daily (PLN mn) ,2 +9.0% 26,4 Jan 16 Feb Mar Apr Consumer loans PLN mortgage loans 1Q 16 Apr 16 PLN 2.8bn in new loans in the first quarter, acceleration in April. 7
9 Savings Retail savings (PLN mn) Corporate deposits* (PLN mn) +14.1% -9.8% +3.2% -9.2% Mar 15 Dec 15 Mar 16 Mar 15 Dec 15 Mar 16 Retail deposits MF Double-digit growth in retail deposits +14.1% yoy, supported by strong quarterly performance +3.2% qoq. Corporate deposits dynamic reflecting focus on margins, while preserving safe liquidity level. 8 * Corporate deposits presented without SBB and repo transactions: 4.1bn 1Q15; 4.5 bn 4Q15; 0.7 bn 1Q16
10 Net fees and commissions PLN mn -0.2% Q15 1Q % Other Lending Cards Capital Markets Banking fees and commissions flat yoy, capital markets down 16.6% affected by industrywide pressure. 9
11 Operating costs and other charges PLN mn +1.3% Cost Q 15 1Q 16 BGF + banking tax Cost incl. BGF, banking tax Personnel costs Non-personel costs Depreciation PLN 812mn in operating costs, +1.3% yoy, C/I at 44.7%. Regulatory charges at 148mn. 10
12 Assets quality Loans (PLN mn) 7.2% % 6.5% Cost of risk Mar 15 Dec 15 Mar 16 NPL Performing NPL ratio 0.61% 0.53% 0.44% 0.47% Provision coverage ratio 1Q15 4Q15 1Q % 73.3% 73.8% Mar 15 Dec 15 Mar 16 Cost of risk at 47bp. NPL ratio at 6.5%, coverage ratio at 73.8%. 11 Note: Performing loans without BSB and reverse repo transactions
13 Conclusions PLN 573mn in net profit, firmly on the path to fulfillment of the 2016 plan. Sound growth of retail volumes, both loans and deposits. Continuation of improvements in assets-liabilities mix supporting NIM. Good quarterly profit and visible commercial acceleration underscore our confidence in reiterating our 2016 ambition. 12
14 AGENDA Appendix 13
15 Polish economy outlook F GDP, % y/y Consumption, % y/y Investments, % y/y Unemployment, % eop CPI, % avg M Wibor, % avg Reference rate, % eop Exchange rate EUR, eop Exchange rate USD, eop Public sector balance, % GDP Note: Internal macroeconomic scenario 14
16 Polish banking sector outlook F 2016F (2) Loans, % y/y ,6 Retail, % y/y ,2 Mortgage loans PLN ,0 Consumer loans (1) ,8 Corporate, % y/y ,2 SME loans 6.3 7,0 4,0 Savings (3),% y/y ,4 Deposits, % y/y ,3 Retail, % y/y ,3 Corporate, % y/y ,8 Mutual Funds (4),% y/y (1) all non-mortgage retail loans (2) Internal scenario (3) deposits + assets in mutual funds dedicated to retail cliens (4) assets in mutual funds dedicated to retail clients
17 16 Polish economy trends Key parameters (1) GDP (% YoY) FIXED INVESTMENTS (% YoY) 1,9 1,5 7,7 7,3 6,9 6,9 8 3,7 5,5 4,9 1,9 2,7 2,1 4,2 3,6 4 4,8 4,8 4,9 0,9 0,1 5 2,3 3,3 0 0,5 5,3 6 1,8 2,6 3,3 3,3 3,3 3,3 3,6 3,1 3,4 4,3 3 5,4 7,8 10,4 9,6 4 5,0 5,3 6,7 2-0,7-4,7-2,9 24,0 22,6 0,7 0,1 2,5-0,1-3,2-4,9-2,5-3,5-0,2 0,3 12,0 9,6 9,79,711,8-2,5 5,8 4,4 4,4 0-9,3 19,2 15,9 13,014,5 0, Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q13 2Q13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16F 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16F GDP Pr Consumption contribution Net export contribution Investment contribution TRADE BALANCE ACCOUNT (bln EUR) PRIVATE CONSUMPTION (% YoY) 8,2 6,3 5,9 4, ,4 2,6 3,6 3,2 6 5,8 1,7 2,7 2,6 3,1 3,7 3,6 0,8 2,4 2,1 0,2 0 0,2 3,3-0,5 0,7 0,7 2,3 2,9 2,32,8 3,13,1 3, ,3-4,1-3,8-5,2-5,9-4,6-6,5-1,6-2,1-2,3-2,0-3,1-3,5-2,5-4,1-3,3-3,4-2,8-2,2-1,2 0,5-1,9-1,1 0,3-0,1-0,8-0,4-1,2 0,2-0,9 1,7 1, 1,3 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16F 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16F Source: Central Statistical Office; March 2007 March 2016
18 17 Polish economy trends Key parameters (2) CORPORATE EMPLOYMENT (ths. eop) ,8 5,0 5, ,2 4,5 4,7 4, , ,9 2, ,6 1, , Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q10F ,7-2,3-2,1-1,0 UNEMPLOYMENT (%) AVERAGE CORPORATE WAGES (% YoY) 5,4 7,8 8,99,8 11,8 10,1 12,0 7,8 6,3 3,5 3,43,6 11,0 2,7 3,8 3,3 4,3 4,35,25,3 3,8 5,4 4,6 2,3 2,6 2,0 2,23,03,0 4,1 4,1 3,5 3,43,9 3,1 3,63,43,7 RETAIL SALES (real terms, % YoY) 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 Avg. Corporate Wages CPI 17,4 14,0 12,8 16,1 12,1 11,8 4,8 1,0 1,0 8,4 3,6 4,7 0,3 1,1 2,9 7,3 6,0 8,8 7,1 6,98,4 2,7 1,9-2,00,01,5 3,9 4,2 5,5 5,1 2,6 3,74,2 3,5 2,8 4,8 4,4 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 9,4 8,9 12,3 11,6 11,2 10,9 9,5 14,3 11,1 10,610,9 12,1 11,7 11,5 13,0 12,4 11,9 11,8 13,3 12,5 13,3 13,4 12,3 12,4 11,5 14,3 13,2 13,013,4 13,5 12,0 11,4 11,5 10,2 9,7 9,810 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 Source: Central Statistical Office; March 2007 March 2016
19 18 Polish economy trends Key parameters (3) EXCHANGE RATES INFLATION, INTEREST RATES 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 2,2 2,0 2,0 2,4 3,7 3,0 2,2 3,8 3,3 3,6 2,9 3,5 4,7 4,0 4,3 3,2 3,5 3,7 3,5 3,5 3,5 3,5 3,5 3,5 3,8 4,1 5,0 4,2 4,2 4,5 4,8 5,0 5,8 6,0 6,0 4,4 4,2 4,3 4,1 3,9 3,8 4,0 4,2 4,7 5,9 5,1 5,7 6,2 6,7 6,6 3Q 11 4,5 4,6 4,7 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 0,5 1,3 1,1 2,9 2,8 2,5 3,3 3,9 4,0 4,3 4,1 4,1 2,7 2,7 2,7 3,4 4,5 4,5 4,6 4,5 4,8 4,8 4,1 4,9 4,8 5,0 4,9 5,1 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16-0,3-0,7-1,5-0,9-0,7-0,5-0,9 0,3 0,6 0,7 1,5 2,0 1,5 1,5 1,5 1,5 2,5 2,5 2,5 2,5 1,73 1,72 1,67 1,72 2,3 2,1 1,9 2,7 2,7 Source: NBP CPI REF. RATE 3M WIBOR
20 19 Banking sector trends Key parameters - yoy (4) HOUSEHOLDS AND CORPORATE LENDING (% YoY) HOUSEHOLDS AND CORPORATE DEPOSITS (% YoY) Households Corporate Corporate Households Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 TOTAL SECTOR LENDING (% YoY) TOTAL SECTOR DEPOSITS (% YoY) Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 Source: NBP; December 2002 March 2016
21 Banking sector trends Key parameters - YTD (5) HOUSEHOLDS LENDING (% YTD) HOUSEHOLDS DEPOSITS (% YTD) 50% 45% 40% 35% % 30% 25% % 25% 20% 15% 20% 15% 10% 10% 5% 0% 5% 0% -5% XII' I II III IV V VI VII VIII IX X XI XII -5% XII' I II III IV V VI VII VIII IX X XI XII CORPORATE LENDING (% YTD) CORPORATE DEPOSITS (% YTD) 35% 30% 25% 20% % 12% 7% % 2% 10% 5% 0% -3% -8% -5% I II III IV V VI VII VIII IX X XI XII -13% XII' I II III IV V VI VII VIII IX X XI XII Source: NBP; January 2007 December
22 9,3% 8,8% 8,2% 7,6% 12,7% 7,4% 12,4% 12,5% 11,5% 11,3% 3,2% 3,2% 3,1% 3,4% 14,4% 14,2% 3,4% 3,3% 13,9% 12,8% 13,0% 2,9% 2,9% 12,3% 12,2% 12,3% 12,4% 13,4% 12,6% 12,2% 13,2% 12,3% 13,1% 12,7% 12,3% 12,7% 8,7% 7,7% 7,6% 9,7% 9,8% 9,1% 9,4% 8,4% 9,0% 9,7% 11,2% 12,4% 14,1% 9,6% 7,5% 9,9% 6,6% Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Feb 16 17,2% 18,0% 17,8% 18,2% 17,8% 18,2% 17,8% 17,9% 17,3% 17,3% 16,1% 15,6% 14,7% 9,1% 10,0%11,3%13,1%14,8%15,8%16,9% 1,8% 1,9% 2,0% 2,1% 2,2% 2,3% 2,5% 2,6% 2,7% 2,8% 2,9% 3,0% 3,0% 3,1% 3,1% 21 Banking sector trends Non-performing loans (6) HOUSEHOLDS NPL RATIO CORPORATE NPL RATIO Source: NBP SME Corporate 1,2% 1,3% 1,4% 1,5% 1,5% 1,6% Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Feb 16 Mortgage Cash 4,5% 4,9% 6,0%6,6% 6,7%7,2% 7,2% 7,4% 7,2% 7,3% 7,2% 7,5% 7,3% 7,5% 7,4% 7,5% 7,2% 7,1% 7,1% 7,0% 7,0% 6,9% 6,5% 6,8% 6,6% 6,5% 6,2% 6,3% Mar 09 Jun 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Feb 15 Total retail 8,4% 10,1% 9,6% 11,5% 11,2%12,2% 12,2% 12,4% 11,5% 10,9% 10,7% 10,5% 10,4% 11,1% 11,3% 11,7% 11,8% 11,8% 11,5% 11,5% 11,4% 10,7% 11,2% 11,3% 10,9% 10,6% 9,8% 9,6% Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Feb 16 Total corporate
23 22 Selected data
24 Consolidated income statement mln PLN 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Net interest income (1) ,8% 2,0% Net fee and commission ,1% -3,6% Operating income ,8% 0,5% Operating costs (2) ,7% 1,3% OPERATING PROFIT ,7% -0,1% Provisions ,6% -5,6% Guarantee funds charges ,2% -2,9% Banking tax #DZIEL/0! #DZIEL/0! Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund PROFIT BEFORE INCOME TAX ,8% -6,0% Income tax ,2% 2,9% GROUP NET INCOME (3) ,8% -8,2% Cost/Income Ratio (%) (4) 44,3% 45,2% 44,7% - 0,5 0,4 Cost of Risk (%) 0,53% 0,44% 0,47% 0,0-0,1 ROE (%) 10,3% 7,6% 9,7% 2,1-0,6 ROE normalised (%) (5) 15,1% 11,5% 14,9% 3,4-0,2 ROA (%) 1,5% --- 1,4% #ARG! - 0,1 TCR (%) - Basel 3 17,6% 17,7% 18,4% 0,7 0,8 NIM (%) (6) 2,88% 2,73% 2,75% 0,0-0,1 L/D (%) (7) 91,7% 92,1% 94,9% 2,8 3,2 23 (1) NII and dividends and other income from equity investments (3) Net profit attributable to equity holders of the Bank (5) ROE assuming TCR at 10% (6) NIM calculated based on average daily working assets (2) Costs excl. guarantee funds charges (4) Operating cost excluding guarantee funds charges (7) Loans excluding repo and buy-sell-back transactions, deposits includes only clients liabilities and debt issue excluding reverse repo transactions and sell buy-back
25 Activity by segments mln PLN Retail Banking Private Banking Corporate&Investment Banking Assets&Liabilities Management & Others Group 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % Net interest income (1) % % % % % Non-interest income % % % % % Operating income % % % % % Operating costs (2) % % % 1,2-0,5-139% % OPERATING PROFIT % % % % % Net write-downs/provision % % % % % Guarantee funds charges % % % % Banking tax PROFIT BEFORE INCOME TAX % 0,3 3,0 762% % % ,0% (1) Total net interest income, dividends and other income from equity investments 24 (2) Operating cost excluding guarantee funds charges
26 The structure of the Group net profit mln PLN cumulative Group's share in capital % 3M 15 3M 16 Y/Y % Bank Pekao S.A. Banking - Poland 723,5 603,0-16,7% Entities - consolidated under full method 85,2 23,0-73% of which: (*) Pekao Leasing Sp. z o.o. Leasing 36% 9,2 9,5 3% Centralny Dom Maklerski Pekao S.A. Brokerage 100% 10,4 5,3-49% Pekao Bank Hipoteczny S.A. Mortgage Bank 100% 0,1 2,0 1900% Pekao Pioneer PTE S.A. Pension Fund 65% 0,4 0,2-50% Pekao Faktoring Sp. z o.o. Factoring 100% 1,7 1,7 0% Pekao Investment Banking S.A. Brokerage 100% 1,0 1,5 Centrum Bankowości Bezpośredniej Sp. z o.o. Call Centre 100% 0,3 0,2-33% Pekao Financial Services Sp. z o.o. Servicing MF/PF 100% 2,0 2,2 10% Centrum Kart S.A. Cards 100% -0,9 0,0-100% Pekao Fundusz Kapitałowy Sp. z o.o. Business consulting 100% 0,1 0,1 0% Pekao Property S.A. Real estate development 100% 0,0-0,1 Entities - valued under the equity method 15,5 10,0-35% Pioneer Pekao Investment Management S.A. Mutual Funds 49% 11,8 9,6-19% Krajowa Izba Rozliczeniowa S.A. Clearing Services 5,70% 3,3 --- #ARG! Dom Inwestycyjny Xelion Sp. z o.o. Financial Advisory 50% 0,4 0,4 0% Exclusions and consolidation adjustments -199,8-62,6-69% Group Net Profit (**) 624,4 573,4-8,2% 25 (*) Entities in liquidation, sold or indirect ownership not presented (**) Group net profit attributable to equity holders of the Bank (reported) NOTE: Data as reported
27 Consolidated income statement F&C breakdown mln PLN 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Lending incl. DCM ,8% 0,0% Cards ,9% 10,7% Mutual Funds ,6% -22,8% Brokerage ,8% 7,0% Payments ,1% 0,3% Other ,6% -6,9% Net fee and commission ,1% -3,6% Other excl DCM incl brokerage and payments ,7% -3,5% 26
28 Consolidated income statement Cost breakdown mln PLN 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Payroll costs ,1% -0,2% Other administrative expenses (1) ,5% 3,0% Depreciation ,2% 5,0% Operating costs (1) ,7% 1,3% Guarantee funds charges (BGF) ,2% -2,9% Operating costs +BGF ,4% 1,0% Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund Operating costs + BGF+ other contributions ,0% 1,0% (1) Operating cost excluding guarantee funds charges 27
29 Consolidated balance sheet mln PLN Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Cash and amounts due from Central Bank % -12% Loans and advances to banks % -53% Loans and advances to customers* % 0% Investment securities % 23% Assets held for sale % 23% Intangible assets % -6% Tangible fixed assets % -6% TOTAL ASSETS ,4% -2,3% Amounts due to the Central Bank % 567% Amounts due to other banks % 12% Financial liabilities held for trading % 62% Amounts due to customers % 0% Debt securities issued % -44% Total liabilities ,7% -2,4% Total Shareholders' equity ,7% -1,9% (*) Including loans and advances from customers and receivables from finance leases 28
30 Customers financing mln PLN Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Loans* ,4% 3,9% retail % 8% corporate % 0% Non quoted securities ,4% 11,0% Other % 42% Nominal value adjustment % 104% Impairment losses % 0% Net loans and advances % 0% Securities issues by non monetary entities** Reverse repo and buy-sell-back transactions ,6% -5,8% ,8% -99,1% TOTAL CUSTOMERS FINANCING*** % -1% (*) Including debt securities eligible for rediscounting at Central Bank, net investments in financial leases to customers 29 (**) Securities issued by non monetary entities including local governments (***) Total customers financing includes Loans and advances at nominal value, Securities issued by non monetary entities, reverse repo transactions and buy-sell-back
31 Selected data Bank Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Outlets ,6% -6,2% ATM's ,5% -3,6% Employees ,1% -2,3% No of PLN current accounts (ths)* ,4% 2,2% No of mortgage loan accounts (ths)** ,4% 7,3% No of clients holding a consumer loan accounts (ths)*** ,6% -1,8% Number of individuals with an access to electronic banking Pekao24 (ths) ,9% 8,4% Number of individuals with an access to mobile banking (ths) ,1% 70,0% Number of business clients (SME) with an access to electronic banking systems (ths) ,8% 2,9% Group Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Employees**** ,1% -2,3% Outlets**** ,6% -6,2% ATM's**** ,5% -3,6% Number of MF accounts (ths)***** ,7% -8,6% Number of Brokerage accounts (ths)****** ,0% -1,5% (*) Number of accounts including pre-paid card accounts 30 (**) Retail clients accounts (***) Pożyczka Ekspresowa (Express Loan) (****) Credit Union (SKOK) Kopernik included since Dec 2014 (****) Pioneer Pekao Investment Management S.A. (*****) Including: Dom Maklerski Pekao (Dom Maklerski), subsidiarycentralny Dom Maklerski Pekao S.A. (CDM), and associated entity Dom Inwestycyjny Xelion Sp. z o.o. (Xelion)
32 Loans exposure - sectors SECTOR DESCRIPTION* Wholesale and retail trade; repair of motor vehicles and motorcycles 12,9% 14,2% 15,2% Public administration and defence; compulsory social security 13,0% 11,9% 10,9% Real estate activities 12,6% 10,4% 10,5% Electricity, gas, steam and air conditioning supply 8,8% 9,0% 8,6% Finanace and Insurance activity 5,9% 9,6% 7,8% Transportation and storage 6,3% 6,8% 7,2% Construction 5,8% 5,1% 6,3% Mining and quarrying 3,0% 3,9% 4,4% Manufacture of metals, metal products and machinery 3,8% 3,8% 4,0% Manufacture of beverages and food products 3,4% 3,1% 3,8% Manufacture of chemicals, pharmaceuticals and refined petroleum products 3,8% 2,8% 2,9% Information and communication 4,3% 5,0% 2,7% Manufacture of rubber, plastic and non-metalic products 2,3% 1,9% 2,1% Other manufacturing 5,4% 4,5% 5,2% Other sectors 8,7% 8,0% 8,4% Total 100% 100% 100% Note: Based on the annual Group data including current exposure and commitment 31
33 Mutual funds Mutual funds volumes (mln PLN ) -7.2% -2.2% Mutual funds - assets structure (PPIM SA) % 14% Third party funds distributed by the Group PPIM SA Mar 15 Dec 15 Mar 16 69% Market share (%) 18,4% 17,9% 17,4% Eguity funds Balance funds Money and bonds funds Mar 15 Dec 15 Mar 16 Note: Market share funds distributed by Pekao Group, compared with the market of retail investment funds available for individuals 32
34 Key lending products Stock PLN mortgage loans volumes (mln PLN) Consumer loans volumes (mln PLN) +11.8% +9.8% +2.0% +0.7% Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 33
35 Ratings of Bank Pekao S.A. FITCH RATINGS PEKAO*** POLAND Long-term rating (IDR) A- A- Short-term rating F2 F2 Viability rating a- Support rating 2 Outlook Stable Stable STANDARD AND POOR'S PEKAO POLAND Long-term rating BBB+ BBB+ Short-term rating A-2 A-2 Stand-alone bbb+ Outlook Negative* Negative* MOODY'S INVESTORS SERVICE LTD PEKAO (unsolicited rating) POLAND Long-term foreign-currency deposit rating A2 A2 Short-term deposit rating Prime-1 Prime-1 BCA baa1 Outlook Stable Stable/ Negative** 34 NOTES: Bank Pekao S.A. s Viability rating at a- from Fitch Ratings, Stand-alone one at bbb+ from S&P and BCA at baa1 from Moody s are the highest individual ratings assigned by (**) these rating agencies to banks rated in Poland Stable for the economy and Negative for the banking sector in Poland (*) On January 15, Standard and Poor's Ratings Services ("Standard & Poor's") downgraded the ratings Poland to the following levels:(1) LTR in foreign currency from A- to BBB+ (2) STR in national currency - accordingly to A- and A-2 (3) Outlook for both the local and foreign currency ratings changed to Negative. On January 19, 2016 Rating agency reviewed and confirmed the ratings of Bank at unchanged levels. The negative outlook indicates rating agency view of the one-in-three probability of EU BRRD Directive implementation in Poland that could lead to an increased bail-in risk. (***) On April 1, 2016 agency Fitch Ratings confirmed the ratings of Bank at unchanged levels
36 Investor relations team s contact and calendar CONTACT DETAILS Q&A related to the presentation: Dariusz Choryło Executive Director ph.: dariusz.chorylo@pekao.com.pl Wioletta Reimer Director of IR Office ph.: wioletta.reimer@pekao.com.pl 9 February April May July August 2016 FINANCIAL CALENDAR Annual Report 2015 and Webcasting Start of Blackout Period First Quarter Report and Webcasting Start of Blackout Period Semi-annual Report and Webcasting Dorota Faszczewska-Ward ph.: dorota.faszczewska-ward@pekao.com.pl Iwona Milewska ph.: iwona.milewska@pekao.com.pl Krzysztof Szlichciński ph.: krzysztof.szlichcinski@pekao.com.pl 27 October November 2016 Start of Blackout Period Third Quarter Report and Webcasting 35 Visit us at: Blackout Period two weeks period before publication of financial statements. During this period we do not organise meetings with investors and analysts
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