ING Bank Śląski recorded PLN 638.4 million of consolidated net profit attributable to shareholders of the parent company in Q3 2021 compared to PLN 440.2 million of profit a year earlier, the bank said in its report.
Net interest income amounted to PLN 1,236.7 million compared with PLN 1,136.3 million a year earlier. Net fee and commission income amounted to PLN 484.2 million compared with PLN 393.6 million a year earlier.
The net interest margin amounted to 2.48% at the end of Q3, compared to 2.71% a year earlier.
The result on core activities amounted to PLN 1,744.1 million in Q3 compared to PLN 1,548.4 million a year earlier.
Operating expenses amounted to PLN 694.2 million compared with PLN 666.7 million a year earlier.
The C/I ratio was 44.2% at the end of Q3, compared to 45.1% a year earlier.
The provisions for expected credit losses amounted to PLN 80 million, compared with PLN 125.1 million a year earlier.
The costs of legal risk of mortgage loans denominated in foreign currencies amounted to PLN 0.4 million compared to PLN 20.2 million a year earlier.
The bank’s total assets amounted to PLN 200.54 billion at the end of Q3 2021 compared to PLN 186.59 billion at the end of 2020.
In Q1-Q3 2021, the bank generated PLN 1,639.3 million of consolidated net profit attributable to shareholders of the parent company, compared to PLN 1,023.7 million of profit a year earlier.
“The most important financial results of the ING Bank Śląski Group after three quarters of 2021, compared to the same period last year:
– total revenues increased by 8% to PLN 5,013.1 million,
– total costs increased by 6% to PLN 2 207.0 million, gross profit increased by 52% to PLN 2,182.8 million,
– net profit increased by 60% to PLN 1,639.3 million,
– the cost / income ratio was 44% compared to 45% in the corresponding period of the previous year,
– the total capital ratio was 17.21% compared to 18.64% in the corresponding period of the previous year,
– Return on Equity (ROE) after adjusting for MCFH amounted to 12.4% compared to 10.6% in the same period last year, “the bank said.
“ING Bank Śląski continues its long-term stable growth. The increase in financial results is the result of the growing commercial activity. Lending activity is an aspect that dominated the image of our bank in the third quarter, but also in the previous months of this year. The pace of growth of the entire market and of our main competitors We are currently seeing a positive trend on the market after the decline in the value of loans in 2020. During the first 9 months of this year, the increase in the balance of loans to entrepreneurs and companies amounted to PLN 7.4 billion in the sector. ING Bank Śląski, the loan portfolio for these customers increased by PLN 4.3 billion, which corresponds to 58% of the growth observed in the entire sector. In recent months, we have financed many production companies, whose recipients are rapidly increasing their orders, diversifying their geographical sources of supply. investment and leasing and increase economic turnover. On this basis, we expect that the wave of credit growth for business entities will spread over the entire market,” said the president of ING Bank Śląski, Brunon Bartkiewicz.
“Overall, our loan portfolio grew by a record PLN 17.3 billion (+ 14%) in annual terms. It is very important that this growth is balanced between our business segments – retail and corporate. The value of mortgage loans increased by 21% a year year-on-year, and all loans to individual customers by 20% year-on-year. In the same period, the corporate loan portfolio grew by 9%. customers in retail banking increased year-on-year by 123 thousand to 4.34 million. In corporate banking we exceeded the level of 509 thousand companies, which means an increase by 24 thousand year on year,” added the president.
On a standalone basis, the net profit in Q1-Q3 2021 amounted to PLN 1,639.3 million, compared to PLN 1,023.7 million in profit a year earlier.
The total capital ratio was 17.21% at the end of September this year. compared to 18.64% a year earlier.
ING Bank Śląski has been listed on the WSE since 1994. Its main shareholder is the Dutch ING group.
Source: ING BSK and ISBnews
