Polish banking group books record profit

Polish banking group books record profit. Kalbar/TFN

Poland's PKO BP Capital Group formed around Poland's biggest state-owned bank closed 2019 with profits at PLN 4,03 billion (EUR 950 million), the highest in the bank's history. PKO BP also raised its client pool to 10.9 million, including 4.2 million online users.

PKO BP President Zbigniew Jagiello told a Wednesday press conference in Warsaw that the bank's good outcomes were the result of modernisation programmes carried out over the past years, especially the introduction of digital banking and other modern technologies.

Listing PKO BP's 2019 results, Jagiello said the bank managed to raise its assets to PLN 348 billion (EUR 81.7 billion) with capital returns at 10 percent, and had simultaneously lowered its cost-to-income ratio to 41.9 percent and risk costs down to 0.47 percent.

He added that current customer deposits amounted to over PLN 313 billion (EUR 73.5).

Jagiello said the bank now had further ambitious goals, including continued digitalisation and environmental adjustments.