ING Bank Śląski recorded PLN 385.6 million of consolidated net profit attributable to shareholders of the parent company in Q1 2021 against PLN 267.3 million of profit a year earlier, the bank said in the report.
Net interest income amounted to PLN 1,141.6 million compared with PLN 1,152.1 million a year earlier. Net fee and commission income was PLN 428.3m compared to PLN 359.1m a year earlier.
The net interest margin (NIM) in Q1 this year. 2.52% as compared to 2.93% a year earlier.
ROE amounted to 8.1% in Q1 this year. compared to 10.6% a year earlier, ROA – 0.8% compared to 1%, respectively, according to the report.
ROE adjusted for MCFH (ie total net profit for 4 consecutive quarters / average capital value for 5 consecutive quarters, excluding revaluation reserve for cash flow hedging instruments) was at the level of 9.9%, as stated in the results presentation.
The total capital ratio was 18.8% in Q1 this year. compared to 15.76% a year earlier.
Total capital ratio and Tier 1 ratio are respectively 7.80 percentage points and 7.28 percentage points above the minimum capital requirements for ING BSK of 11.002% and 9.002% respectively. The total capital ratio and Tier 1 ratio would be 18 , 63% and 16.01% if ING BSK did not apply a transition period for the implementation of IFRS 9.
The cost share ratio (C / I) was 51.4% compared to 49.7% a year earlier.
Total costs increased by 20% y / y to PLN 820.8 million.
The annual contribution to the compulsory restructuring fund amounted to PLN 132.6 million in the first quarter of 2021 (PLN 125.4 million the year before). The annual KNF costs incurred in the first quarter of 2021 amounted to PLN 19.2 million (PLN 13.3 million before year).
The bank’s total assets amounted to PLN 194.82 billion at the end of Q1 2021 compared to PLN 186.59 billion at the end of 2020.
On a standalone basis, the net profit in Q1 2021 was PLN 385.6 million, compared to PLN 267.3 million in profit a year earlier.
ING Bank Śląski has been listed on the WSE since 1994. Its main shareholder is the Dutch ING group.
Source: ISBnews and ING BSK
